Dawn Aerospace bags €19M for its satellite propulsion systems and spaceplane development

The Netherlands, New Zealand and US-based Dawn Aerospace, a company that builds same-day reusable launch vehicles and non-toxic satellite propulsion systems for sustainable space transportation, announced on Wednesday that it has raised $20M (approximately €19M) in a fresh round of funding.

The investment came from Icehouse Ventures and claims to be one of its largest-ever investments in a New Zealand company. The round also saw participation from GD1 and Movac.

Icehouse Ventures CEO, Robbie Paul, says, “Thousands of space tech companies have raised billions of dollars, yet very few have actually been to space or generated revenue. Dawn’s technical and commercial traction is a testament to the founders and their amazing team. More importantly, the traction continues to widen their competitive moat and that’s why we’ve invested >$10M in this round.”

Dawn Aerospace is valued at NZ$170M (approximately €102.8M).

Capital utilisation

Dawn Aerospace offers satellite in-space propulsion technology and eight operational spacecraft now use its systems. Additionally, on New Zealand’s South Island, the company is conducting flight tests for the Dawn Mk-II Aurora, a spaceplane technology demonstrator. A rocket-powered flight is expected to start in the first quarter of 2023, replacing the Mk-II’s use of jet engines.

Dawn Aerospace says it will use the newly raised funds to expand its offering of satellite propulsion systems and spaceplane development.

Dawn Aerospace co-founder, Stefan Powell, says, “The funding announced today will support new endeavours, including developing the Mk-III, an orbital spaceplane, and delivering in-space propulsion products to GEO, lunar and higher-thrust customers. We are grateful to Icehouse Ventures and our other investors for backing the future of our company and space technology.”

Powell adds, “We’ve always placed strategic importance on getting to customer revenue – with hardware on orbit – fast. In the space startup world, most don’t get anything flying without hundreds of millions in investment. Prior to this round, Dawn had more money come from sales than venture capital. With $22M of deals closed in 2022 and another $150M in negotiation, it won’t be long until propulsion sales resume bringing in more cash than VC.”

With this funding, a new board seat has also been created and Anna Kominik joined the board. Anna’s capability and ethos are hugely respected in our industry, and we’re thrilled to have her join our team,” said Stefan Powell. Kominik served as the former Director of Wisk’s Asia Pacific division and as a former Director of the International Board of the Vertical Flight Society.

About Dawn Aerospace

Founded in 2017 by Stefan Powell, James Powell, Tobias Knop, Jeroen Wink, and Robert Werner, Dawn Aerospace builds same-day reusable launch vehicles and non-toxic satellite propulsion systems for sustainable space transportation. 

The company claims to be a leading supplier of turnkey green propulsion systems for NanoSat, MicroSat, ESPA, and ESPA Grande-class satellites. Dawn is also active in reusable launch vehicle development with an active test flight programme of the Mk-II Aurora spaceplane demonstrator. 25+ flights have been completed.

In April 2022, the Netherlands Space Office (NSO) awarded the company with €500K Small Business Innovation Research (SBIR) Phase Two grant. Prior to that, in July 2022, Dawn was awarded €1.4M from the European Commission to help develop its transformative ‘green’, in-space propulsion technology. And in August 2022, the European Space Agency awarded the company €200K GSTP funding to increase the performance of its green bi-propellant thrusters for satellites.