Orbex’s Danish subsidiary, Orbital Express Launch ApS, is set to file for bankruptcy, with its facilities officially having closed on January 20th and some 90 employees losing their jobs. The UK parent is also financially stretched and has signed a ‘letter of Intent’ to sell its assets to space logistics business The Exploration Company.

Orbex Denmark’s parent company is UK-based Orbital Express Launch which established its business in Denmark in October 2016. According to the company, its Copenhagen-based business carried out work in propulsion, testing, software, avionics, and business services.

Orbex was founded in 2015 and is developing a small launch vehicle called Prime. The company also began work on a larger, medium-lift launch vehicle called Proxima in December 2024. On January 21st, Orbex published a brief press release stating that a letter of intent had been signed and that negotiations had begun. The company added that all details about the transaction remain confidential at this stage. A statement from Orbex CEO Phil Chambers suggests that the company’s financial position factored into its decision to pursue a buyer.

Orbital Express Launch ApS (the Denmark business) reported losses of DKK 70.673.917 (€9.46 million), while its balance sheet as of December 31st 2024 showed negative equity of DKK 55.383.356 (€7.4 million), according to reports. The company’s auditors noted that it was fully reliant on funding from its parent company, Orbital Express Launch Ltd., and warned that its ability to continue operating was subject to material uncertainty regarding its ability to secure future financing.

The Danish subsidiary has dismissed its entire workforce, with the company expected to officially file for bankruptcy on January 22nd, according to a report in European Spaceflight.

In her own statement, The Exploration Company’s CEO Hélène Huby described the two businesses as “complementary.”

“Orbex and TEC are complementary. We are working closely with the UK government to ensure that our combined business reinforces the UK’s launcher roadmap. We will be respecting the confidentiality of this process and will share more in due course,” she said.

Orbex in the past has said that its Proxima rocket would compete on price with SpaceX’s Falcon 9 vehicle.

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Categories: Articles, Business, Satellite

Tags: Denmark, orbex, spacex