Porsche Joins The Racetrack To Space—Watch Out, Bezos, Musk & Branson
Image via Isar Aerospace
In a rather unexpected turn of events, the modern-day celebrity billionaire space race that saw Jeff Bezos and Richard Branson in space this summer alone has been joined by a new contender: automobile maker Porsche.
Porsche announced this week that it has acquired “a low single-digit percentage stake” in Isar Aerospace, based in Munich, Germany. Isar Aerospace is a relatively new company, aiming to bring low-earth-orbit satellite launch services that are more cost-effective to the table.
“As an investor with a focus on mobility and industrial technology, we are convinced that cost-efficient and flexible access to space will be an enabler of innovation in many industry sectors,” explains Lutz Meschke, a member of the board of management responsible for investment.
Of course, said industry sectors would refer to the automotive and transport industry, a familiar playing field for Porsche, potentially driving its investments into space travel. Plus, GPS signals work heavily with satellites, so this could hint towards a boost to the existing navigation systems in its vehicles.
Despite operating more quietly than SpaceX and Blue Origin’s highly publicized promises, offerings, and launches, Isar is growing steadily. This new financing round’s total volume is about US$75 million, Porsche reports, an addition that brings the total amount raised by Isar Aerospace and its investors to over US$180 million.
The company began manufacturing its Spectrum rocket this year, which is a two-stage launch vehicle with up to 1,000kg (1.1 tons) of payload capacity. Its second-stage engine allows major satellite systems flexible access to space, “injecting” satellites straight into orbit without needing an additional kick stage.
We are very proud to solidify our position as the leading and most well-funded #NewSpace startup in the European Union by extending our #SeriesB to over USD 165m, led by @HV_Capital, @lombardodier and Porsche SE. #fromisartospace
— Isar Aerospace (@isaraerospace) July 28, 2021
Read the full story here: https://t.co/8BjQsA7DY0 pic.twitter.com/LnKPdAUrr8
[via The Next Web, image via Isar Aerospace]
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