TEC Secures $450M to Scale Nyx and Storm Engine
The Exploration Company (TEC) has closed a massive $450M Series C round to accelerate the development of its Nyx cargo vehicle and the reusable Storm rocket engine.
Capital Injection for European Heavy-Lift Capabilities
The Exploration Company (TEC) has confirmed a $450M (€386.9M) Series C funding round, signaling a significant escalation in European private space investment. According to Payload, this brings the firm's total financing to approximately $680M since its 2021 inception. The round was led by Bessemer Venture Partners, Atomico, and the EQT-managed Scaleup Europe Fund, with support from existing backers including Balderton and Plural.
Scaling Operations and Infrastructure
The new capital is earmarked for two primary hardware priorities: the Nyx cargo reentry vehicle and the Storm reusable rocket engine. To meet these development goals, TEC is initiating a global hiring surge across the US, Europe, and the UAE, targeting experts in propulsion, manufacturing, and mission operations.
Nyx: The Path to the ISS
TEC’s flagship vehicle, Nyx, is slated for its first International Space Station (ISS) mission in 2028. Despite the funding success, the road has been technically challenging. The 2024 "Mission Bikini" failed to deploy from Ariane 6, while the 2025 "Mission Possible" ended with a loss of signal minutes before splashdown. Nevertheless, market demand remains robust, with over $2B in contracts signed with ESA and commercial station operators like Axiom Space, Starlab, and Vast.
Propulsion Development
Simultaneously, TEC is accelerating the Storm engine. Utilizing a full-flow, staged-combustion cycle powered by liquid oxygen and bio-methane, Storm aims to provide Europe with sovereign heavy-lift capabilities—transporting up to 40 tons to LEO. The Series C funding will facilitate sub-scale testing, paving the way for full-scale engine trials within the next few years.