Spanish SpaceX rival Pangea Aerospace raises €23M to scale next-gen rocket engines

Barcelona-based Pangea Aerospace, a startup specialising in the development of propulsion systems for the aerospace industry, has secured €23M in a Series A investment led by Hyperion Fund. 

With this transaction, Hyperion Fund is launching its investment phase after raising €150M as Europe’s first dedicated fund for aerospace, cybersecurity, AI, and defence.

The round was backed by existing investors, including Primo Capital through its Primo Space Fund and CDTI Innvierte.

Additionally, French investor and former Ariane Group CEO André-Hubert Roussel has joined the round. To date, the company has raised more than €8M to date.

With this funding, the Spanish company will accelerate its expansion in the European market.

This investment will also enhance the company’s manufacturing, integration, and testing capabilities.

Pangea Aerospace: Developing advanced propulsion tech

Founded in 2018 by Adrià Argemí, Xavier Llairó, Luis Bellafont, Nicola Palumbo, Federico Rossi, and Rasmus Bergström, Pangea Aerospace specialises in the development of advanced propulsion technologies for the space industry.

The company’s propulsion systems make rockets more efficient and reusable using sustainable propellants.

The company does this through expertise in advanced materials and alloys, aerospike technology, additive manufacturing, innovative cooling systems, reusability, and sustainable propellants.

They also offer affordable solutions for moving in space, which helps reduce costs for launch vehicles, satellites, and orbital transfers.

A few months ago, the European Space Agency (ESA) chose the company to create a powerful rocket engine for future European reusable launchers.

The company is also working on projects to develop its ARCOS engine and reuse upper stages using aerospike technology.

Additionally, the company is teaming up with ESA and other companies to design and test important technologies for the next generation of large European rocket engines.

Pangea is the first company in the world to successfully ignite an aerospike engine using sustainable propellants such as liquid methane and oxygen.

The company currently has eight active contracts with both private sector clients and institutions. It expects to double its revenue by 2025, with a pipeline of identified opportunities nearing €120M.