Spanish rocket startup PLD gets $34 million loan to build orbital rocket
The Spanish rocket startup PLD has obtained a $34 million bank loan to build its Miura-5 orbital rocket.
On 12 July, PLD Space announced that it had received a €31.2 million syndicated loan from Banco Santander, EBN Banco, and the Instituto de Crédito Oficial. A syndicated loan is provided by a group of lenders to distribute the financial risk among the participating lenders.
…According to the company, the loan amount will primarily be used for the Miura 5 rocket development programme, which includes both the development of the rocket and the expansion of the company’s industrial capabilities. It will also be used to support the company’s growth, with PLD planning to surpass 300 employees by the end of 2024.
For a rocket startup to get significant financing through a bank loan like this is very unusual. Almost always banks are reluctant to loan money for such a risky project. Instead, rocket startups get investment capital from venture capitalists, who are willing to take greater risks. PLD itself has already raised $164 million in this manner, $46 million of which came from the Spanish government itself.
I therefore wonder if some political pressure from the Spanish government helped convince the banks to approve the loan.
Regardless, PLD hopes to do the first orbital test launch of Miura-5 in 2025, with operational flights to follow the next year.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The print edition can be purchased at Amazon. from any other book seller, or direct from my ebook publisher, ebookit.
The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
The Spanish rocket startup PLD has obtained a $34 million bank loan to build its Miura-5 orbital rocket.
On 12 July, PLD Space announced that it had received a €31.2 million syndicated loan from Banco Santander, EBN Banco, and the Instituto de Crédito Oficial. A syndicated loan is provided by a group of lenders to distribute the financial risk among the participating lenders.
…According to the company, the loan amount will primarily be used for the Miura 5 rocket development programme, which includes both the development of the rocket and the expansion of the company’s industrial capabilities. It will also be used to support the company’s growth, with PLD planning to surpass 300 employees by the end of 2024.
For a rocket startup to get significant financing through a bank loan like this is very unusual. Almost always banks are reluctant to loan money for such a risky project. Instead, rocket startups get investment capital from venture capitalists, who are willing to take greater risks. PLD itself has already raised $164 million in this manner, $46 million of which came from the Spanish government itself.
I therefore wonder if some political pressure from the Spanish government helped convince the banks to approve the loan.
Regardless, PLD hopes to do the first orbital test launch of Miura-5 in 2025, with operational flights to follow the next year.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The print edition can be purchased at Amazon. from any other book seller, or direct from my ebook publisher, ebookit. The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
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