Lampoldshausen-based InSpacePropulsion Technologies (ISPTech), a spin-off from the German Aerospace Center (DLR), announced the closing of its €2 million pre-seed round. The round is led by HTGF and backed by co-investments of First Momentum Ventures and Possible Ventures, three renowned deep-tech investors. The investment will be used to make ISPTech’s propulsion technologies ready for its first customers and spaceflight.
The acquired funding will be used to further develop the propulsion technology to achieve qualification for space flight and serve initial customers. ISPTech’s technology will be used on first flights at the end of 2025. These missions will demonstrate the operationality, robustness and performance of ISPTech’s propulsion systems and space qualify the propulsion system for wider market adoption.
ISPTech is addressing a key challenge that satellite manufacturers and operators face, by developing innovative propulsion systems based on non-toxic, so-called “green” propellants. This approach allows significantly reduced overall costs, rapid availability and simplifies spacecraft operations. The propulsion systems offer superior performance compared to the current green propulsion market standard. With its solutions, ISPTech addresses any spacecraft, from small CubeSats to large satellites, capsules or landers.
Current in-space propulsion systems are expensive, complex and operate with highly toxic propellants. These toxic propellants cause extensive handling efforts, which complicate and slow down the development and qualification process of propulsion systems, besides increasing the overall costs. In addition, alternative solutions currently on the market either lack performance or operational simplicity. These key challenges ISPTech has overcome: based on more than 10 years of R&D work at the German Aerospace Centre (DLR), ISPTech’s founders developed advanced propulsion technologies that work with green propellants.
The founders of ISPTech Felix Lauck and Dr. Lukas Werling said in a joint statement: “We spent many years researching propulsion technologies, testing the products of our current competitors and working with many of our future customers. During all these times, we saw a clear and large market demand for affordable, quickly available, and robust propulsion technologies. Our mission now is to meet this demand.”
The space market is expected to grow 7% per year and thus has a high demand for affordable, quickly available and reliable propulsion solutions. By using its advanced technologies, ISPTech will satisfy this demand and propel the whole space ecosystem.
ISPTech already showed a fast pace and made significant progress: after its foundation in summer 2023 first paying customers were acquired, a paid flight into space was won and the first thrusters were qualified for space. Furthermore, major space players emphasized their interest in the technologies.
Dr. Koen Geurts, Investment Manager at HTGF, commented: “The satellite market growth in the next decade and the increasing need for space debris avoidance manoeuvres will see a huge demand for chemical propulsion systems, especially non-toxic solutions, democratizing access to space. ISPTech is the only startup offering solutions from below 1N to 1kN with high TRL and exceptionally positioned to set a new market standard. “
Dr. Maximilian Ochs, Investor at First Momentum Ventures, said: “Over the next ten years, we anticipate an increasing demand for in-space manoeuvres that can only be facilitated by chemical propulsion. ISPTech is in a prime position to become the European leader in non-toxic chemical propulsion. Their systems are already way ahead of the competition in terms of performance, stability, and robustness.”
Dr. Christoph Baumeister, Principal at Possible Ventures, added: “As the space economy expands, the demand for reliable, eco-friendly, and cost-effective chemical propulsion systems becomes indispensable. ISPTech’s innovative approach and European engineering excellence positions them as the frontrunner, and we are proud to support their mission.”
Read the orginal article: https://www.eu-startups.com/2024/07/german-company-isptech-secures-e2-million-pre-seed-to-make-a-greener-space-economy/
