Tag: Miura-5

PLD obtains a new loan, this time for $11.6 million

11:45 am

The Spanish rocket startup PLD yesterday announced it has obtained a new $11.6 million loan that it plans to use to build its launch facility at the French-owned French Guiana spaceport.

The loan was issued by the Spanish governmment finance agency COFIDES, which comes on top of an earlier $43.8 million Spanish government grant. In addition, the company has gotten a $2.4 million grant from the European Commission, as well as a $1.37 million grant from the European Space Agency.

The company has also obtained a loan of $34 million from banks in Spain.

All told, the company has raised about $164 million, more than $58 million came from government agencies, with another $34 million from loans.

For whatever reason, PLD has found favor with the various governments in Europe, fueling its work. None of the other European rocket startups from Germany or Great Britain have been as lucky.

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Spanish rocket startup PLD unveils a proposed family of rockets plus crew capsule

8:48 am

The Spanish rocket startup PLD this week unveiled a proposed family of rockets to follow its Miura-5 rocket, set to launch for the first time in 2025.

The three rockets introduced were the Miura Next, Miura Next Heavy, and Miura Next Super Heavy, all based on a system or modular building blocks. Miura Next will be the base of the modular system will be a single-stick two-stage rocket. Miura Next Heavy will feature two boosters and Miura Next Super Heavy will feature four boosters. The boosters will have a shared architecture with the rocket’s core stage. The first stages and boosters will all feature a propulsive recovery capability.

The smallest of the three rockets will be capable of delivering up to 13,580 kilograms to low Earth orbit, while the most powerful will have the capacity to deliver 53,000 kilograms.

This design concept essentially follows the approach that SpaceX used to develop the Falcon Heavy from the Falcon 9, and saves a great deal of money by using what the company has already developed as part of the larger rocket.

The crew capsule, dubbed Lince, is conceived at this company’s version of Dragon, capable of launching either cargo or 4 to 5 astronauts to any one of the proposed commercial space stations under construction. Capsule drop tests will begin in 2025, with the first launch abort tests in 2028 aiming for the first orbital flight by 2030.

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Spanish rocket startup PLD gets $34 million loan to build orbital rocket

9:43 am

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.

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PLD Space announces its upcoming plans

9:22 am

Capitalism in space: Having received in late January a $43.5 million grant, bringing its total funding to more than $120 million, the Spanish rocket startup PLD Space today announced its upcoming plans.

[T]he company intends to inaugurate the first serial space rocket factory in Spain in mid-2024. The facilities will also enable vertical integration of the launchers. The industrial site, whose building work is already underway, will house the factory for the first MIURA 5 units [the company’s orbital rocket] as well as the company’s head offices. In total, PLD Space will be able to count on 18,400 square metres of industrial facilities in Elche (Alicante).

…Also scheduled for 2024, construction work is to begin on the launch base at the European CSG spaceport in Kourou (French Guiana), which belongs to CNES [France’s space agency]. This site, covering over 15,700 square metres, will host MIURA 5’s first launches.

That France is now leasing launch facilities to private companies illustrates starkly how Europe is steadily abandoning Arianespace, the European Space Agency’s government-run commercial company. Instead, Europe is now choosing competition and private enterprise as its model. Expect these new companies, including PLD, to achieve big things in the coming years.

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Spain awards rocket startup PLD $43.8 million grant

12:53 pm

Capitalism in space: The Spanish rocket startup PLD has won a $43.8 million grant from the Spanish government to develop its Miura-5 orbital launch rocket.

The company won the funding after completing the preliminary design review (PDR) its Miura 5 small launch vehicle, a review that was then examined by an independent committee. The award is technically a loan, which will be paid off over 10 years once Miura 5 begins commercial operations, currently scheduled for 2026.

The rocket will compete directly with Rocket Lab’s Electron rocket, with a bigger payload capacity. PLD also plans to recover and reuse its first stages after splashdown in the ocean, as Rocket Lab is now attempting to do with Electron.

The significance of this deal is multifold. It shows us that Spain is now a player in space, with its own rocket company, though still only a startup. It also provides further evidence that the nations of Europe are beginning to go their own way in space, rather than rely on their partnership in the European Space Agency and its rocket division, Arianespace. Arianespace has failed to do the job, so Spain like Germany is now looking to the private sector to get its satellite payloads in orbit.

Finally and most important, this deal illustrates the shift in Europe from being the designer and owner of rockets to being a mere customer. Rather than depend on a governnment-built and owned Arianespace rocket, Spain is buying the service from a private company, PLD. That company owns it entirely and can sell its services to others as well.

This trend away from government-owned rockets bodes well for the future of space exploration in Europe. It will produce a vibrant competitive industry with many different companies coming up with different ideas that will increase innovation while reducing cost.

It also signals the coming death of Arianespace, ESA’s commercial division which despite dominating the commercial launch market for almost two decades, was never able to make a profit ever. Instead, it produced rockets that were too expensive and required subsidies on a yearly basis. The nations of Europe are no longer willing to tolerate that bad performance, and have basically told Arianespace it either must compete with these new private companies, or die. I expect it to die. If it does survive, it will only do so if it changes radically.

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