PLD Space Secures Funding for Miura 5 Expansion

PLD Space, a Spanish aerospace company, has successfully secured substantial funding to propel the expansion of its production facilities for its Miura 5 launch vehicle.

The company revealed on April 23 that it has raised 78 million euros ($83.4 million) from its "industrial and qualified institutional" shareholders. Notable contributors to this financial milestone include aerospace heavyweight Aciturri and Spain's Centre for the Development of Industrial Technology.

This latest infusion of capital supplements the 40.5 million euros previously obtained by PLD Space through the Spanish government's PERTE Aerospace initiative earlier in January. When combined with an initial phase disbursement of 1.5 million euros received in July 2023, the total funding garnered by PLD Space since its inception now stands at an impressive 120 million euros.

While the exact amount procured in this latest tranche remains undisclosed by the company, PLD Space officials have hinted that the funding landscape has been challenging. Nonetheless, buoyed by the successful launch of its Miura 1 suborbital rocket last year, PLD Space stands firm as an industry frontrunner, an achievement duly recognized by both investors and clientele.

"The funding for our work has been one of the most difficult tasks in developing our Miura family of rockets. Despite this, the successful launch of Miura 1 has bolstered our position as leaders in the industry, an achievement acknowledged by investors and clients." - Raúl Verdú, PLD Space Co-Founder, and Chief Business Development Officer ,

Looking ahead, PLD Space has earmarked the newly acquired funds for the expansion of its production and test facilities, with plans to increase their footprint from 169,000 to an expansive 834,000 square meters. These facilities will play a pivotal role in the development of its Miura 5 small launch vehicle, encompassing 18,400 square meters of industrial space at its headquarters, alongside an extensive 800,000 square meters dedicated to testing.

Already underway, the expansion efforts are slated for completion by mid-2024, serving as the cornerstone for the production of the Miura 5 small launch vehicle. Concurrently, PLD Space is gearing up to commence construction on its launch site in Kourou, French Guiana, later this year.

In line with its ambitious growth trajectory, PLD Space aims to bolster its workforce, having already expanded from 161 to 194 employees in the current year alone. With a target of reaching 300 personnel by year-end, the company is poised to capitalize on its newfound financial backing and technological prowess.

Crucially, the secured funding ensures that PLD Space remains steadfast on its path towards conducting the first test launch of the Miura 5 in 2025, with commercial launches slated to commence in 2026.