Orbit Fab, an in-space refueling depot startup that aims to provide fuel for satellites beginning in 2025, announced April 17 that it has completed a Series A round of funding worth $28.5 million.
The startup says the new funds—which it stresses came during an “up” round, or one in which the company’s valuation increased—will allow it to accelerate fuel sales and the deployment of fuel delivery and storage infrastructure in geostationary, low Earth orbit (LEO) and very LEO orbits.
“We will leverage the funding to drive fuel sales and intensify the production and integration of our Rafti [Rapidly Attachable Fluid Transfer Interface] refueling ports aboard government and commercial spacecraft to power the engines of the industrial revolution in space,” says Daniel Faber, Orbit Fab founder and CEO.
According to private capital tracking service Crunchbase, Orbit Fab of Colorado had raised $13.7 million before. The latest round was led by 8090 Industries, with “major” investments by Stride Capital, Industrious Ventures, Lockheed Martin Ventures, Tribe Capital, Good Growth Capital and Massive Capital Partners. Details of contributions were not provided.
“The emerging space economy cannot grow without adequate refueling infrastructure,” says Steve Angel, chairman of Linde and advisor at Industrious Ventures. “Orbit Fab is now executing on a compelling business model to provide mission-critical refueling gases in space.”
As part of the latest announcement, Orbit Fab also notes it has doubled its workforce over the last year and opened a UK office. The company says it expects to make at least another 25 “key” hires this year, including additions to the senior executive and engineering teams.
Orbit Fab says it has booked at least four fuel shuttle missions set to launch over the next three years, including three U.S. Defense Department contracts valued at $21 million.
View all news, analysis and insight related to Space Symposium 2023
