Spanish rocket propulsion company Pangea Aerospace has raised €23 million in Series A funding, with contributions from former ArianeGroup CEO André-Hubert Roussel.
Founded in 2018, Pangea Aerospace initially aimed to develop Meso, a small rocket designed to deliver 400 kilograms to low Earth orbit. The rocket was to be powered by a unique, in-house-developed methalox aerospike engine. However, in early 2023, the company announced it had abandoned the development of Meso to focus on providing propulsion systems for rockets and in-orbit applications.
On 18 March, the company announced it had secured a €23 million Series A investment led by the Hyperion Fund, a Madrid-based investment fund focused on aerospace and deep-tech startups. The round also includes contributions from the Primo Space Fund, the CDTI INNVIERTE programme, and former ArianeGroup CEO André-Hubert Roussel.
According to Pangea, the funding will be used to “accelerate its expansion in the European market,” aiming to grow its customer base. To deliver on this goal, it will look to double its workforce and scale up its manufacturing, integration, and testing capabilities.
Pangea is currently in the process of developing ARCOS, an aerospike engine designed for use aboard the booster and/or upper stage of a rocket. It is also expecting to launch an initial demonstration flight of its U-Nyx in-space propulsion solution this year. The company currently has eight active contracts and claims to have a “pipeline of identified opportunities” worth approximately €120 million.
One of the company’s active contracts is a European Space Agency project focused on developing a very high thrust rocket engine. Pangea’s proposed engine, Kronos, is a reusable, full-flow staged-combustion rocket engine capable of generating 2 MN of thrust. However, the contract does not cover the engine’s full development and is instead focused on preparatory work for the project.
