ABL Space Systems Secures $90 million in funding


ABL Space Systems Secures $90 million in funding

Rocket building startup ABL Space Systems has announced that it has received two USAF contracts worth $44.5 million and secured an additional $49 million in private funding. The California-based startup builds small satellite launch vehicles.

The USAF contracts were awarded by Air Force Research Laboratory and AFWERX, with participation from the Air Force Space and Missile Systems Center. These contracts amount to over $44.5 million. The $49 million of private funding was led by Ethan Batraski at Venrock with participation from New Science Ventures, Lockheed Martin Ventures, and Lynett Capital.

ABL is currently testing an integrated RS1 upper stage with an E2 engine. The engine has been developed by the company and powers both the first and second stages of RS1.

The company is looking to offer commercial launch services from Vandenberg Air Force Base, California and Cape Canaveral Air Force Station, Florida. Its mobile structure can be transported by a truck will be able to utilize the shared pas for SLC-8 at Vandenberg and LC-46 at Cape Canaveral without having to undertake a massive infrastructure buildout.

“We're at the three year anniversary of founding our company and have stayed true to our original business model. By avoiding unnecessary technical risk and maintaining a focus on execution, we have made significant progress in a short time with limited resources,” said Dan Piemont, Founder and CFO.

Business News

Recommended News