Orbex Declares Bankruptcy Ahead of Prime Rocket Launch
British aerospace company Orbex has declared bankruptcy after failing to secure additional funding or a buyer. The company was developing the Prime rocket, designed to launch payloads up to 200 kg into a 500 km solar-synchronous orbit from SaxaVord Spaceport in the Shetland Islands. Despite being a finalist in the European Launcher Challenge, Orbex's prospects diminished after the UK did not contribute to the European Space Agency's budget increase during the latest ministerial meeting.
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Orbex, a British aerospace firm, has declared bankruptcy as it struggled to secure financing or find a buyer. The company was developing the Prime rocket, a two-stage vehicle measuring 1.45 meters in diameter and 19 meters long, designed to launch payloads of up to 200 kg into a 500 km solar-synchronous orbit from SaxaVord Spaceport in the Shetland Islands. Despite being selected as a finalist in the European Launcher Challenge, Orbex's situation worsened when the UK did not contribute funding to the European Space Agency's increased budget, potentially leading to the company's downfall.
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