The Exploration Company raises $450 million to develop the reusable Nyx space capsule

The Exploration Company (TEC), a Franco-German European space company, has raised $450 million in a Series C funding round, its representatives announced Tuesday ahead of the International Space Summit in Paris. It is the largest funding round of its kind secured by a mature European space company.

The funds bring the total amount raised by TEC since its founding to approximately $680 million and will be used to develop the reusable Nyx capsule. The vehicle is designed to transport supplies and equipment to space stations and bring materials back to Earth, and is compatible with any launcher intended for such missions.

The funding will also support the accelerated development of the Storm engine, powered by liquid oxygen and biomethane, for a future reusable European heavy launcher. The company wants Nyx to dock with the International Space Station and then return to Earth in a demonstration mission for round-trip orbital transport.

Founded by former Airbus Defence and Space director Helene Huby, TEC has more than 350 employees in Europe, the United States and the United Arab Emirates. The company has secured contracts and commitments worth more than $2 billion. The round was led by Bessemer Venture Partners, Atomico and Scaleup Europe Fund, amid Europe's efforts to strengthen its space autonomy.,