Washington – Spanish propulsion startup Panzia Aerospace has raised 23 million euros ($ 25 million) for the development of advanced rocket engines for use in launch vehicles and spacecraft.
Panzia said its series A round was led by Hyperian Fund, focused on the Madrid-based firm Aerospace, Cyber and Defense. Several other firms and individuals participated in the round, which included Andre-Hubert Rousseal, former Chief Executive Officer of Ariangrop.
Fund will allow Panzia to accelerate its growth in the European market for the propulsion system in the European market, located in Barcelona and tooluz, with offices in France, looking for both institutional and private customers. This includes plans to expand manufacturing and testing facilities.
Panzia is known for its work on aerospace engines, a technique that promises more efficiency, but has long been challenging to develop technically. In 2021, the company tested a prototype of an aerospace engine design, taking advantage of the 3D-printing techniques in 2021.
The company announced the funding round on March 18 that it had eight active contracts with companies and institutions. This includes contracts with the European Space Agency to study the designs of high-uttest engines for use on future European re-purpose vehicles as well as how its engine technology can be used in the upper steps reusable upper steps. However, none of those designs have flown into space.
Pangea Sys is focused on developing this propulsion system and has no plans to move towards a full launch system or other spacecraft. “It follows a business model similar to Rolls-Royce in the aviation industry, already validated with many private customers,” Panzia is arguing, a reference to Jet Engine Rolls Royce produces for many aircraft developers.
This approach is contrary to the current trade model at launch, where most vehicle developers also produce their own engine, demanding maximizing technical and financial capacity. An exception is the United Launch Alliance, which uses the engines of Blue Origin and L3harris for its Valcon Sentor rocket.
Investment in Panzia Aerospace is the first for the Hyperian Fund, which recently announced that it shut down its first fund at 150 million euros. Fund will support companies in aerospace, defense, cyber security and artificial intelligence. Hyperian said in a statement that it is interacting with “top firms” in NATO countries on additional investments.
Hyperian announced the closure of the fund, “In this unique geopolitical moment, we support founders and companies that share our vision to strengthen the technical sovereignty and safety leadership of the Allies.”
