£18million investment in Forres-based Orbex to create more than 200 jobs in the Moray and Highland area

SPECIALIST engineers based in Forres have announced private investment of $24million (£18m) which could see more than 200 jobs created in the area.

The funding from the UK's most active investment company, BGF, and one of the largest venture capitalists in Europe, Octopus Ventures, will also see space rocket builder Orbex through to their first launch from Sutherland spaceport in 2022.

An Orbex spokesman confirmed the company is taking its first steps towards building a new 5000sqm headquarters and production facility at its site on Forres Enterprise Park, a facility roughly four or five times the size of the existing one.

He said: "There will be increased job opportunities and diverse economic development in the region. Orbex has just started the recruitment process for 26 jobs. There will of course be highly technical, but there will also be more operationally-focused roles coming too, covering typical business functions such as finance, marketing and admin. As the company starts to scale up for full launch vehicle production and operations, Orbex will hopefully offer 200 plus new jobs in the Highlands region over the coming years."

There are over 50 employees and contractors employed at Orbex currently, however, not all of them are based in Forres. Current staff are working on various technical aspects of building a rocket, from engine design and testing to structure, avionics, guidance systems, spaceport design and more.

The spokesman added: "We feel very at home in Forres and the support that we've seen from the local community has been great. We've already got several Forres Mechanics supporters in the company! As we scale up the business, we would encourage the community to keep an eye on the job opportunities on our website."

BGF and Octopus Ventures join existing investors High-Tech Gründerfonds, Heartcore Capital and Elecnor S.A. in the new round of founding for the orbital launch services company.

Investor at BGF, Keith Barclay, said: "Orbex is developing a strongly differentiated and innovative launch solution for the rapidly-growing small satellite market. The private space sector remains a key future industry for both Scottish and UK governments."

Conceived and developed as an environmentally sustainable launch system, the Orbex Prime rocket uniquely uses bio-propane, a renewable biofuel that cuts CO2 emissions by 90 per cent compared to traditional kerosene-based rocket fuels. Designed to be recoverable and re-usable, Orbex Prime is intended to leave no debris in the ocean or in orbit around the Earth. The company is constructing the rocket vehicle at factories in Forres and Copenhagen in Denmark.

Partner at Octopus Ventures, Simon King said: "Orbex is creating a highly innovative launch solution that is rapidly gaining market traction with very serious customers. We are very excited about what they’re looking to achieve, including the first ever vertical launches from UK soil."

Orbex has already confirmed six commercial satellite launch contracts, with the first launches expected in 2022. The company’s preferred launch site is Sutherland spaceport, granted planning permission in mid-August.

UK Science Minister Amanda Solloway said: "We want the UK to be Europe’s leading destination for launching small satellites, driving economic growth in communities up and down the country. Companies like Orbex are playing a vital role in the UK’s thriving commercial spaceflight market."

The announcement will bring significant new investment in high technology employment opportunities and large-scale production facilities in the Highlands, close to the launch site at the A’Mhoine peninsula, expected to begin construction in 2021.

Scottish Minister for Trade, Investment and Innovation, Ivan McKee, said: "Our aim is for Scotland to secure a £4billion slice of the global space market by 2030. The Scottish space sector has a unique selling point: designing lighter, more efficient rockets, developing clean burning and renewable fuel and using satellite data to combat climate change and promote scientific discovery."

The funding round is completed by a €2.5 million (£2.3m) grant from the European Horizon 2020 SME Instrument programme to support the development of patented coaxial tanking technology.

Orbex previously won £5.5 million in grant funding from the UK Space Agency’s Launch UK programme in 2018.