The Exploration Company (TEC) was founded in 2021 by Hélène Huby and a team of experienced managers from Airbus and ArianeGroup. The company develops, manufactures, and operates spacecraft to meet the growing demand from space stations and space research for cost-effective transportation solutions. In early 2023, the company already secured €40.5 million in a Series A round, and now a successful Series B of €150 million follows.
The space capsule Nyx, developed by TEC, is designed to transport cargo and eventually humans to space in the future to supply space stations and conduct long-distance research missions. The spacecraft will be reusable multiple times and can be refueled in orbit. Additionally, Nyx is being developed independently of launch vehicles, allowing the space capsule to be launched with different rockets.
“98 percent of our investors are European”
Hélène Huby, co-founder and CEO of The Exploration Company, says:
“The scale of this funding round reflects not only the tremendous capabilities of our team. It also demonstrates that building global companies with European roots is only possible through promoting trust and collaboration between European countries. 98 percent of our investors are European. This underscores: the continent is willing to finance bold entrepreneurship. Space will play a crucial role in shaping the future of humanity. I want to help create a peaceful and cooperative future. Our European DNA at TEC is perfectly suited to this mission.”
She continues:
“Over the past year, we have achieved important operational and financial milestones and signed significant contracts with both space agencies and leading commercial customers. This new financing is the next step in realizing our ambitions. I am delighted to welcome Plural, Balderton Capital, NGP Capital, and Bessemer on our shared journey with our existing investors. Their support and commitment will be crucial to bringing us a step closer to our Nyx Earth launch and building a leading European space company.”
TEC is the first European company to successfully conclude a Space Act Agreement with NASA. This year, the company also achieved another important milestone by winning the competition to build the first European spacecraft for the European Space Agency (ESA) and securing the corresponding contract. TEC is now on track to launch the mid-size capsule “Mission Possible” in 2025 with a payload of 300 kg. The first flight of “Nyx Earth,” which is to transport cargo to the International Space Station (ISS), is scheduled for 2028.
New era of European space sovereignty
David Thévenon, partner at Balderton Capital, is also pleased with the completed funding round:
“We are very excited to support Hélène and the entire team with this funding round. With their unparalleled expertise and visionary approach, The Exploration Company is poised to redefine European leadership in space research. Their mission to make space research more accessible and sustainable promises to open unprecedented possibilities in space not only for Europe, but for the future of humanity. We can’t wait to be part of this journey into a new era of European space sovereignty—an era that will fundamentally change our understanding of what is possible beyond Earth.”
And Khaled Helioui, partner at Plural, adds:
“From my perspective, TEC brings incredible qualities to the table. As an investor, I don’t see this every day. The company operates in a huge market where demand for space transportation solutions drastically exceeds supply. TEC operates in a region where institutional investment has been flowing for decades. And in a political environment where decision-makers know that European solutions in space are urgently needed to protect critical assets. At the helm is a founder expected to replicate the kind of value creation we have seen in space commercialization in the US. All of this adds up to a nearly perfect combination of ingredients for long-term success.”
