He says a $1m refuelling satellite launch could save $100m worth of satellites from having to be replaced \u2013 or at least not for another five years.<\/p>\n
Dawn Aerospace’s Loop on-orbit refuelling network will consist of two vehicles, seen here in an artist render: the Space Utility Vehicle (right) and the Orbital Propellant Depot.<\/p>\n
But there\u2019s also a second major reason that refuelling appeals.<\/p>\n
Today, the average low-Earth orbit (leo) satellite flies some 550km above the planet, Powell says.<\/p>\n
But if a satellite is able to use more fuel to deal with the greater drag at lower altitudes, that could be reduced to 300km. That means faster satellite broadband and better photos, Powell says.<\/p>\n
And in a world of increasing space junk, a debris-free lower orbit is also a safer orbit, Powell says.<\/p>\n
Dawn has already developed a Docking and Fluid Transfer (DFT) docking port, which will be included with satellite propulsion systems it\u2019s sold to the Netherlands\u2019 Air Force for a series of new satellites, plus two unnamed companies. It\u2019s also working with CNES (the French national space agency) and others on refuelling architecture. <\/p>\n
But the showpiece will be Dawn\u2019s launch of a Space Utility Vehicle and Orbital Propellant Depot in 2028 for a technology demo. All going well, Powell sees a commercial launch in 2029.<\/p>\n
The US$25m raise<\/p>\n
The raise announced overnight, which follows a $20m Series A in 2022, was backed by a clutch of US venture capital (VC) firms, led by Dallas-based Balerion Space Ventures.<\/p>\n
NZVC, founded by Mark Pavlyukovskyy, a Ukrainian who relocated to NZ in 2021, also chipped in, as did several local VCs who participated in early rounds: Icehouse Ventures, Derek Handley\u2019s Aera and Global From Day One (GD1).<\/p>\n
Powell says the firm has grown from $3m revenue in 2022 to \u201cwell over $15m with growth over 90% in the past 12 months and cashflow-positive operations\u201d.<\/p>\n
Powell said this financial momentum coincides with a global surge in aerospace and defence investment, as US and Europe military and space budgets hit historic highs.<\/p>\n
Dawn Aerospace cofounders James Powell (left) and his brother Stefan. Their firm employs around 140 staff across its operational headquarters in Christchurch and offices in the Netherlands, France and the US. Photo \/ Getty Images<\/p>\n
Private investors are also piling in. But while SpaceX has grabbed headlines<\/a> with its multitrillion-dollar initial public offer (IPO), Powell says with earlier-stage firms \u201cinvestors want to see real hardware and real revenue\u201d.<\/p>\n Powell says the firm\u2019s income from contracts has exceeded the amount it\u2019s raised from venture capital.<\/p>\n Kiwi-Dutch roots<\/p>\n Dawn was co-founded in 2017 by Waikato-raised brothers James Powell (who studied mechanical engineering at Canterbury University) and Stefan Powell, a one-time Rocket Lab intern who moved to the Netherlands to study aerospace engineering at the Delft University of Technology, where he worked on a project with three fellow students who would also become co-founders: Jereon Wink, Tobias Knop and Robert Werner.<\/p>\n The firm set up its operational headquarters in Christchurch, but also maintains a facility in Delft. <\/p>\n In 2018, the start-up raised $3.4m in seed funding to develop its Mk-II Aurora suborbital, rocket-powered spaceplane \u2013 an unmanned vehicle for taking small payloads to high altitudes.<\/p>\n Last year, Dawn made its first Aurora sale. <\/p>\nDawn Aerospace staff, including CEO Stefan Powell (front left) and test pilot Iagho Amaral (front right), with the firm’s Mk-II Aurora spaceplane demonstrator at its Christchurch headquarters. Photo \/ Chris Keall<\/p>\n