In September 2023, Beijing Galaxy Power Aerospace Technology Co., Ltd. (Galactic Energy) completed C and C+ rounds of financing totaling 1.1 billion yuan ($154 million). This round of financing was led by Ziyang Heavy Industry Fund, with participation from Langfang Linkong Fund, Founder Hesheng, Bengbu Zhongcheng Venture Capital and other institutions.
This round of financing will be used for the research and development of Pallas-1 reusable liquid launch vehicle technology, and the construction of related production, testing and launch facilities. Facing the demand for large-scale and rapid networking of low-orbit constellations, Galaxy Power Aerospace will continue to increase research and development efforts to build a low-cost, highly reliable Pallas 1 medium and large reusable launch vehicle with fast response and high-density launch. The rocket product system composed of the Ceres-1 series of light launch vehicles covers all aspects of market demand.
Galaxy Power Aerospace is the leading company in the domestic commercial launch vehicle field. It has created the first domestic private rocket to achieve mass production and high-density launches, the first sea launch, the first 9-game winning streak, and the first to send commercial networking satellites to 500km. Sun-synchronous orbit, 800km inclined orbit, 500km twilight orbit and many other industry milestones.
The Ceres-1 rocket mainly caters to market needs such as small constellation networking and network repair, and micro-satellite launch. It is the most cost-effective light and small commercial launch vehicle in the industry, and is also the first private rocket in China to move towards a commercial closed loop. So far, this type of rocket has served 16 commercial satellite customers and successfully launched 35 commercial satellites of different types, taking the lead in entering a new stage of high-density launches.
Pallas-1 is a medium-to-large reusable liquid oxygen/kerosene launch vehicle, mainly catering to market needs such as large-scale constellation networking and large-scale satellite launches. The basic rocket has a carrying capacity of 5t, and the CBC bundled configuration has a carrying capacity of up to 14t. At present, the company has made major breakthroughs in the verification of liquid rocket vertical recovery guidance and control technology, and has completed multiple test runs of the CQ-50 liquid oxygen/kerosene engine. The Pallas-1 liquid launch vehicle has also completed multiple large-scale ground tests. , plans to officially implement its first flight into orbit in 2024.
With the accelerated construction of satellite Internet, the urgent demand for commercial launch vehicles has further increased. Galaxy Power Aerospace will continue to strengthen innovative technological research and contribute to the development of the commercial aerospace industry.
Source: Galactic Energy
