Chinese Space Startup Lands Massive $154M in Fresh Funding Rounds

Chinese space startup, Galactic Energy, has raised $154 million in funding for the development of its reusable Pallas-1 rocket. The funding rounds, led by Ziyang Heavy Industry Fund and joined by various other investors, will support research and development of reusable launch vehicle technology. Despite a competitive field and economic downturn, the funding indicates that there is still investment available to Chinese commercial launch firms. The Pallas-1 rocket is a kerosene-liquid oxygen launcher with a planned lifting capacity of 5,000 kg to low Earth orbit. Galactic Energy is also planning a triple-core variant of the Pallas-1, capable of lifting 14,000 kg to LEO. The company aims to acquire contracts to launch satellites for China’s national satellite internet mega constellation, named Guowang.