HELSINKI — Leading Chinese launch startup Galactic Energy has secured $154 million in funding for the development of its reusable Pallas-1 rocket.
Galactic Energy announced the 1.1 billion yuan C and C+ funding rounds Dec. 18. The funding will go towards research and development of reusable launch vehicle technology for the Pallas-1 medium-lift rocket and related infrastructure.
The rounds were led by Ziyang Heavy Industry Fund and joined by Bengbu Investment Group, Langfang Linkong, Founder Hesheng Investment, Jintuo Capital, and further undisclosed Investors, according to a company statement.
The funding announcement indicates there is still funding available to Chinese commercial launch firms despite an economic downturn and a crowded, competitive field. Announcements in the past couple of years also suggest major national contracts will be available to commercial launch service providers, providing potential streams of revenue.
Pallas-1 is a 42-meter-long kerosene-liquid oxygen launcher with a planned capacity of 5,000 kg to low Earth orbit (LEO), or 3,000 kg to a 700 km sun-synchronous orbit (SSO). Seven Cangqiong (Welkin) gas generator engines will power the first stage.
The company stated at the China Commercial Aerospace Forum in Wuhan in July that it is targeting Q3 next year for the first Pallas-1 flight. Recovery of a first stage using landing legs is slated for 2025. In August Galactic Energy performed a hop test using a jet engine-powered test article to test guidance, navigation and control software.
