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Credit: Orbex<\/p>\n Credit: Orbex<\/p>\n
In a statement to European Spaceflight, a spokesperson for The Exploration Company suggested that the failure of its acquisition of launch services startup Orbex was linked to the UK government\u2019s decision not to approve the transaction.<\/p>\n
On 21 January, The Exploration Company announced that it had signed a letter of intent to purchase Orbex<\/a>, a transaction that became essential to the survival of the UK-based launch services startup after its Series D funding round failed to materialise at the scale it had hoped. In a statement on the transaction, The Exploration Company\u2019s CEO H\u00e9l\u00e8ne Huby said the two companies were working \u201cclosely with the UK government to ensure that our combined business reinforces the UK\u2019s launcher roadmap.\u201d<\/p>\n Just three weeks later, on 11 February, the company announced that, after all fundraising, merger, and acquisition opportunities had concluded unsuccessfully, it had formally begun insolvency proceedings by filing a notice of its intention to appoint administrators<\/a>. In its statement, Orbex made no reference to The Exploration Company or to why its acquisition had fallen through.<\/p>\n On 13 February, in response to a request from European Spaceflight, a spokesperson for The Exploration Company hinted that the UK government had ultimately been responsible for the decision not to proceed with the transaction.<\/p>\n \u201cWhile we are disappointed that this potential transaction will not move forward, we respect the UK decision-making process,\u201d explained the spokesperson. \u201cOur engagement with Orbex reflected our ambition to strengthen Europe\u2019s space capabilities and ensure sovereign access to orbit. We thank Orbex and the UK government for their excellent collaboration during the exchanges we had.\u201d<\/p>\n In a statement given to SpaceNews<\/a> on 11 February, the UK Space Agency appeared to have all but written Orbex off, stating, \u201cSome companies will succeed, while others will fail.\u201d<\/p>\n \u201cWe recognize this will be a very worrying time for staff at Orbex. Space launch is a highly competitive sector, and it has always been the case that some companies will succeed, while others will fail,\u201d said the UK Space Agency spokesperson.<\/p>\n This response appears to be consistent with the UK government\u2019s shifting approach to the launch sector.<\/p>\n On 30 January, the UK government published a series of responses<\/a> to the House of Lords UK Engagement with Space Committee\u2019s report, The Space Economy: Act Now or Lose Out<\/a>. The report advocated the development of a sovereign launch capability, stating that there was a strong \u201csecurity case\u201d for it. In the government\u2019s response, it shifted that requirement toward \u201cassured access\u201d rather than a sovereign capability. It explained that it would work with \u201claunch companies that can deliver our assured access objectives and develop and strengthen existing partnerships with NATO and European Allies.\u201d<\/p>\n While indicative of shifting tides, the UK government\u2019s responses were not explicit. For that, it explained that it would communicate its \u201coverall approach to supporting the UK launch sector in the forthcoming Spring publication on space.\u201d<\/p>\n What happens to Orbex now?<\/p>\n In a brief LinkedIn post on 11 February, Orbex CEO Phil Chambers said the company was open to bids for what remains of the company.<\/p>\n \u201cJust to let everyone know, there is an administration process running. Anyone who wants to bid should get in touch with us.\u201d<\/p>\n