24/7 Space News
Orbit Fab closes Series A funding for $28.5 Million
illustration only
Orbit Fab closes Series A funding for $28.5 Million
by Staff Writers
Lafayette CO (SPX) Apr 18, 2023

Orbit Fab, the leading provider of on-orbit refueling services, has completed a successful Series A round of $28.5 million in funding during an up-round that will allow the company to accelerate fuel sales and the deployment of fuel delivery and storage infrastructure in GEO, LEO, and VLEO orbits.

The milestone funding round is led by 8090 Industries, with major investments by Stride Capital, Industrious Ventures, Lockheed Martin Ventures, Tribe Capital, Good Growth Capital, and Massive Capital Partners enabling Orbit Fab to drive the integration of its RAFTI refueling ports aboard more satellites and servicing vehicles.

Orbit Fab's on-orbit fuel shuttles can dock with and replenish spacecraft equipped with its RAFTI refueling interface, significantly extending mission life and return on investment versus expensive, inefficient one-and-done satellite missions and servicing and debris removal operations.

"Orbit Fab is the in-space refueling category-definer. We've invested in Orbit Fab because of their unique ability to capitalize on the growing demand for in-space servicing, and their strong positioning as a key provider of critical infrastructure to the entire space economy," said Kerem Ozmen, Co-Founder and CEO, 8090 Industries.

"Extended in-space assembly, manufacturing, rendezvous, and proximity operations simply aren't possible without refueling, and Orbit Fab has fueling capabilities in space that enable a wide range of propellant inventories."

Orbit Fab also announced it has doubled its team over the last year, including the establishment of a U.K. office, and looks to continue the trend throughout 2023, with plans to ramp up technical and production capabilities in the U.S. and U.K. to meet increasing orders for in-space fuel delivery.

The company expects to make at least another 25 key hires this year, which include additions to the senior executive and engineering teams. Orbit Fab has booked at least four fuel shuttle missions set to launch over the next three years, including three defense contracts valued at $21 million for dynamic space operations that allow the government to refuel, reuse, and maneuver spacecraft around debris, theaters of military engagement, and adversarial threats.

The trio of government missions feature SpaceWERX-funded rendezvous and proximity operations scheduled for early 2024, a four-year Defense Innovation Unit (DIU) contract to replenish Space Force satellites with hydrazine in GEO, and a STRATFI initiative to develop docking depots.

Orbit Fab also inked a major commercial GEO-orbit refueling agreement last year to replenish Astroscale's fleet of Life Extension In-Orbit (LEXI) service vehicles, which will feature built-in RAFTI refueling interfaces. The contracts represent key steps along Orbit Fab's revolutionary roadmap to build the refueling infrastructure that makes the bustling space economy possible.

"The emerging space economy cannot grow without adequate refueling infrastructure. Orbit Fab is now executing on a compelling business model to provide mission critical refueling gasses in space," said Steve Angel, Chairman of Linde plc and Advisor at Industrious Ventures. "I will follow the company closely as it continues to execute the fuel architecture that will unleash the industrialization of space."

"Our highly successful Series A funding round reflects the commitment, confidence and excitement leading investors have in space, and serves as a greenlight for Orbit Fab to accelerate our mission to fuel virtually every facet of the space economy," said Daniel Faber, Orbit Fab Founding CEO.

"We will leverage the funding to drive fuel sales and intensify the production and integration of our RAFTI refueling ports aboard government and commercial spacecraft to power the engines of the industrial revolution in space. As rockets have become reusable over the past decade, Orbit Fab has made satellites reusable to enable the bustling space economy."

Orbit Fab's in-space fuel shuttles and depots will allow satellite and mission operators to launch smaller, more powerful satellites that can get to revenue-generating orbits faster and more cost effectively since fuel is no longer a constraint.

The company has contracts and collaborative agreements in place to develop and deliver chemical, electric and green propellants to support and enable dynamic space operations and extended missions aboard a broad range of spacecraft in GEO and LEO.

Related Links
Orbit Fab
Rocket Science News at Space-Travel.Com

Subscribe Free To Our Daily Newsletters

The following news reports may link to other Space Media Network websites.
Dawn Aerospace awarded EU contract for hydrazine-replacement program
London, UK (SPX) Jul 20, 2022
Dawn Aerospace has been awarded euro 1.4 million from the European Commission to help develop its transformative 'green', in-space propulsion technology. The grant will contribute to Dawn's continued investment in hydrazine-replacement technology. The propulsion technology will have the size and performance of a hydrazine-based system, but without the toxicity, supply chain or regulatory risk. There is currently no other option on the market that is gaining commercial traction to replace hy ... read more

Rocket Lab launches new constellation-class star tracker

Humans need Earth-like ecosystem for deep-space living

Russia will use International Space Station 'until 2028'

NASA Boosts Open Science through Innovative Training

Starship, world's biggest rocket, explodes during first test flight

Potential Failure Modes of SpaceX's Starship

Orbit Fab closes Series A funding for $28.5 Million

Hypersonix to partner with Rocket Lab for hypersonic tests

Ingenuity Mars Helicopter completes 50th flight

Slip and Pivot: Sol 3797

NASA unveils 'Mars' habitat for year-long experiments on Earth

Curiosity software upgrade complete: Sol 3796

Scientists reviewed the research and development of Tianzhou cargo spacecraft

Shenzhou XV mission crew members set China record

Spacewalks become 'routine' after 12th mission

Rocket that will carry Tianzhou ship to space arrives at launch center

HawkEye 360's latest Cluster 7 satellites successfully launched

Nova Space to offer Space Professional Development Program for AWS Employees

Virgin Orbit bankruptcy: why the UK's spaceport industry may still have a bright future

Inside the "space factory"

NASA's 3D-printed superalloy can take the heat

Momentus launches Vigoride-6 OSV on SpaceX Transporter-7 Mission

Paving the way for truly intelligent materials

Researchers develop carbon-negative concrete

International team discover new exoplanet partly using direct imaging

Webb peeks into the birthplaces of exoplanets

HD 169142 b, the third protoplanet confirmed to date

Do Earth-like exoplanets have magnetic fields

Icy Moonquakes: Surface Shaking Could Trigger Landslides

Europe's Jupiter probe launched

Europe's JUICE mission blasts off towards Jupiter's icy moons

Spotlight on Ganymede, Juice's primary target

Subscribe Free To Our Daily Newsletters

The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.