PLD Space Secured Financing from EIB

Spanish rocket company PLD Space secured additional funding for the final stages of developing its MIURA 5 reusable launcher. The European Investment Bank (EIB) agreed a €30 million venture debt loan, its first direct investment in small launchers for satellites.

The EIB funding brings the tally of investment in the company to €210 million so far, adding to the €180 million scored in a Series-C funding round it closed last month. PLD Space stated that its launch vehicle development contributes to EIB goals to boost European technological innovation. “It is a decisive milestone for the company and the European space industry,” EVP Ezequiel Sanchez said. The EIB loan will also contribute to the space transportation company’s industrial and launch capabilities, a further step in its path towards providing commercial services.

PLD Space explained that the smaller size of MIURA 5 compared with medium- and heavy-lift variants means it faces fewer scheduling risks, and it continued to emphasise the potential environmental benefits the reusable two-stage set-up provides. It stated that a target to conduct a test flight later this year is on track, and the rocket would be capable of up to 30 missions each year once operational.

EIB president Nadia Calvino said he expects that the ability to deploy small satellites into orbit will be the key for communications, research, and security. The bank operates a New Space investment portfolio, which also covers funding for ground stations and satellite manufacturing, among other sectors.