Would-be Scottish rocket launch company, Orbital Express Launch (Orbex), which went into bankruptcy administration in February, went bust with just £689,000 (€807k) in the bank out of the £138.5 million raised in grant and equity funding. The cash raised included securing £76 million of public money with the UK government putting in £26 million and […]

Failed Scottish aerospace business Orbital Express Launch (Orbex) owed more than £73 million when it entered UK bankruptcy administration. The would-be rocket builder had received more than £130 million of grant and equity funding. It focused on sustainable, eco-friendly rocket launches using bio-LPG, establishing a rocket factory in Forres, Scotland. Orbex ceased operations and entered […]

Orbex, the ould-be British rocket builder, has appointed FRP Advisory as Administrators with instructions to explore options for the business, including a potential sale, the advisory firm said in a statement. Earlier attempts to raise new funding or secure a buyer failed. Orbex ceased trading on February 18th. Orbex, once valued at about $220 million […]

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 […]

UK-based rocket builder Orbex, now in financial administration, could have a rescuer. In a press statement on February 12th, Skyrora confirmed it intends to explore the purchase of select Orbex assets, including the Sutherland Spaceport, following the announcement that the company has appointed administrators. Skyrora is a British private space company based in Glasgow, Scotland […]

UK-based rocket start-up Orbex is appointing administrators, the UK version of Chapter 11 bankruptcy protection. A proposed bail-out from a German based business (The Exploration Company) has failed to materialise. On February 11th, Orbex said it had examined several merger and acquisition options in an effort to stay afloat but none of had come to […]

Rocket company Orbex (Orbital Express Launch) is going through a financial restructuring. Its Danish subsidiary is moving into bankruptcy. However, a potential buyer is looking at the company with a take-over of its assets. The Exploration Company (TEC) said last week that it was working with Orbex and the UK government to combine their businesses […]

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 […]

Orbex Express Launch is a would-be rocket launcher which operates the SaxaVord Spaceport in Scotland. It is also developing a small rocket called Prime. The UK government has reversed a financial investment in Orbex, seemingly unhappy with further delays to its launch plans. The investment round is somewhat complicated. In January the UK government invested […]

Orbex has delayed its UK rocket launch to 2026 due to site and funding issues. SaxaVord, the launch site in Scotland, isn’t ready, and more financial support is said to be needed to lift off. Orbital Express Launch, or Orbex, is a UK-based aerospace company that is developing a small commercial orbital rocket called Prime.It […]