PLD Space Secures €31.2 Million Loan for Miura 5 Rocket Development

PLD Space has announced the acquisition of a €31.2 million syndicated loan to further the development of its Miura 5 rocket and support its corporate growth. This substantial financial boost comes from a consortium of lenders, including Banco Santander, EBN Banco, and the Instituto de Crédito Oficial (ICO).

Miura 5 Rocket: A New Frontier in Space Launches

Miura 5 is an advanced two-stage launch vehicle designed to transport payloads of up to 450 kilograms to low Earth orbit (LEO).

PLD Space is targeting a late 2025 debut for the rocket, with plans to commence operational flights in 2026. Following a successful ramp-up phase, the company anticipates launching as many as 30 missions per year with Miura 5.

Significant Financial Backing

The syndicated loan, announced on July 12, is a significant milestone for PLD Space. A syndicated loan involves multiple lenders sharing the financial risk, making it a critical financial strategy for high-risk industries like space exploration.

“Securing the support of major banks like Banco Santander, EBN Banco, and ICO, along with insurance from Cesce, is a significant achievement for us..This rare operation in the space launcher sector enables us to advance our plans while safeguarding our shareholders’ investment.” - Ezequiel Sanchez, Executive President of PLD Space.

Utilizing the Loan

The €31.2 million loan will be primarily allocated to the Miura 5 rocket development program. This includes the technical development of the rocket and the expansion of PLD Space's industrial capabilities.

Additionally, the funds will support the company's growth initiatives, with plans to increase its workforce to over 300 employees by the end of 2024.

To date, PLD Space has secured more than €150 million for its rocket development projects. This year, the company received a significant €42 million grant from the Spanish government as part of the Plan for Recovery and Transformation (PERTE) initiative.

This government award will need to be repaid through royalties over the first decade of Miura 5's commercial operations.

The successful securing of this loan marks a pivotal step forward for PLD Space.

With a robust financial foundation and continued support from both private lenders and the government, the company is well-positioned to make significant strides in the competitive space launch industry. As Miura 5 moves closer to its debut, PLD Space's advancements promise to contribute to Spain's growing presence in the global space sector.