The Exploration Company (TEC), operating out of Germany, France, Luxembourg, Spain, and Italy, has raised $450 million in Series C funding. The company describes this as the "largest-ever Series C by a European space company."
TEC intends to use the funding to establish the foundation for a reusable European heavy-lift launcher. The company's immediate focus is on Nyx, a reusable capsule designed to carry cargo and eventually people. TEC aims for Nyx to dock with the International Space Station and return safely to Earth by November 2028.
The Series C funding will also support Storm, a rocket engine program. TEC's CEO, Hélène Huby, stated that additional funding would be needed for a launch pad and the rocket itself. Commitments for Nyx include 10 booked missions and over $2 billion in contracts from partners such as the European Space Agency and NASA.