The PLD Space team. Photo: PLD Space

Spanish launcher in development PLD Space has raised 78 million euros ($84 million) from investors, the company announced Tuesday. The company plans to use the funds to open the first rocket factory in Elche, Spain in mid-2024. 

This new funding is in addition to 42 million euros ($45 million) the company received from the Spanish government in January. PLD Space has now raised 120 million euros ($128 million) in total, including a round in January 2022. 

PLD Space is developing the Miura 5 reusable orbital microlauncher, designed to launch small satellites up to 540 kg. It plans to launch the rocket by the end of 2025, with the goal of exceeding 30 launches a year by 2030. In October, the company hit the milestone of launching its suborbital Miura 1 rocket. 

PLD Space also plans to increase its capacity to integrate engines and launchers and begin construction on its launch base at the European CSG spaceport in French Guiana, which will host Miura 5’s first launches. The company also plans to expand its workforce from 194 people to 300 employees by the end of the year. 

“The funding for our work has been one of the most difficult tasks in developing our Miura family of rockets. Despite this, the successful launch of Miura 1 has bolstered our position as leaders in the industry, an achievement acknowledged by investors and clients,” said Raúl Verdú, co-founder and chief business development officer. “We are working hard to achieve the first orbital launch of Miura 5, which would not be possible without the trust of our shareholders, clients, team and suppliers.”