There are reports that The Exploration Company, which had signed a Letter of Intent to purchase the UK-based Orbex rocket company, was deliberately stymied in its attempt to buy Orbex by the UK government.

Germany-based The Exploration Company said on January 21st that it had signed the letter, and would thus help Orbex avoid the threat of bankruptcy. The Exploration Company’s CEO Hélène Huby said the two companies at the time were already working “closely with the UK government to ensure that our combined business reinforces the UK’s launcher roadmap.”

By February 11th the potential rescue had seemingly fallen apart, and Orbex had begun insolvency proceedings. Just two days later The Exploration Company strongly hinted that the UK government had decided against its action to save Orbex.

Also on February 11th, Orbex CEO Phil Chambers said the company was open to bids for what remains of the company. Again, on the same day, UK-based would-be launch operator Skyrora confirmed it was in negotiation to acquire “select” Orbex assets. “Skyrora confirms it intends to explore the purchase of select Orbex assets, including the Sutherland Spaceport, following yesterday’s announcement that the company has appointed administrators,” said its statement. “Skyrora is exploring an asset acquisition which would see the established operator invest up to £10 million, subject to discussions with the appointed administrators and completion of the necessary due diligence and legal processes.”

On February 16th, Orbex released a batch of photographs of its new Prime launcher, adding that the first test launches of Orbex’s microlauncher Prime were due to take place later this year. “Orbex had commercial launch commitments from several satellite customers for Prime, which was billed as one of the most advanced, low-carbon microlaunchers in the world,” said the company.

Orbex filed a notice of intention to appointment Administrators last week and will continue trading while all options for the future of the company are explored, including potential sale of all or parts of its business or assets.

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Categories: Articles, Business, M&A

Tags: orbex, skyrora