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WASHINGTON — Spanish propulsion startup Pangea Aerospace has raised 23 million euros ($25 million) to further development of advanced rocket engines for use in launch vehicles and spacecraft.
Pangea said its Series A round was led by Hyperion Fund, a Madrid-based firm focused on aerospace, cyber and defense. Several other firms and individuals participated in the round, including André-Hubert Roussel, former chief executive of ArianeGroup.
The funds will allow Pangea, based in Barcelona and with offices in Toulouse, France, to accelerate its growth in the European market for propulsion systems, seeking both institutional and private customers. That includes plans to expand manufacturing and testing facilities.
Pangea is known for its work on aerospike engines, a technology that promises greater efficiency but which has long been technically challenging to develop. The company tested a prototype of one aerospike engine design, leveraging 3D-printing technologies, in 2021.
The company said in its March 18 announcement of the funding round that it has eight active contracts with companies and institutions. That includes contracts with the European Space Agency to study designs of high-thrust engines for use on future European reusable vehicles as well as how its engine technology could be used on reusable upper stages. None of those designs have flown in space, though.
Pangea sys it remains focused on developing propulsion systems and has no plans to move towards full launch systems or other spacecraft. “It follows a business model similar to Rolls-Royce in the aviation industry, which has already been validated with multiple private clients,” Pangea argues, a reference to the jet engines Rolls-Royce produces for multiple aircraft developers.
That approach is contrary to current business models in launch, where most vehicle developers also produce their own engines, seeking to maximize technical and financial efficiencies. An exception is United Launch Alliance, which uses engines from Blue Origin and L3Harris for its Vulcan Centaur rocket.
The investment in Pangea Aerospace is the first for the Hyperion Fund, which recently announced it closed its first fund at 150 million euros. The fund will support companies in aerospace, defense, cybersecurity and artificial intelligence. Hyperion said in a statement that it is in talks with “top firms” in NATO countries on additional investments.
“In this unique geostrategic moment, we support founders and companies that share our vision for strengthening the allies’ technological sovereignty and security leadership,” Hyperion said in its announcement of closing the fund.
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