Galactic Energy Raises $200 Million to Continue Development of Reusable Pallas-1 Launch Vehicle

Ceres-1 booster (Credit: Galactic Energy)

Translated from Chinese by Google Translate

BEIJING (Galactic Energy PR) — From July to December 2021, Galactic Energy (Beijing) Space Technology Co., Ltd. completed B and B+ rounds of financing totaling 1.27 billion yuan [$200.6 million]. This round of financing was led by Dongfang Fuhai and Huaqiang Capital, AVIC Aviation Finance, China Military Financial Investment, Anhui Jiangnan Construction Investment, Chengdu New Economy Fund, Zhongtian Huifu, Yunding Capital, Tianhong Investment, Maiqiu Venture Capital, Hexin Fangce, Jiusong Heze, Tianqiong Xuanji, Zhidao Capital, Taicang Hongli, Haiyang Ruiming, Looking Up at the Starry Sky, Bright Starry Sky, and old shareholders Meihua New Potential Energy Fund, Yuanhang Capital, etc. joined the investment. We would like to express our sincere thanks to the new and old shareholders for their trust and support.

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Galactic Energy Raises $30 Million, Moves Forward on Pallas-1 Booster

Ceres-1 booster (Credit: Galactic Energy)

by Douglas Messier
Managing Editor

Galactic Energy, which became the second private Chinese launch provider to orbit a satellite on Saturday, has announced that it completed a Series A financing round of 200 million yuan ($30.25 million) in September.

In a press release, Galactic Energy said the funding will be used to manufacture and perform upgrades on the solid-fuel Ceres-1 small-satellite booster that flew last week. The funding will also allow the company to continue research and development on its larger liquid-fuel Pallas-1 (Zhishen-1) booster.

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