Spacetech Magdrive secures $10.5M for sustainable space exploration

Oxfordshire-based spacetech Magdrive has raised $10.5M seed funding round led by pan-European VC Redalpine for space propulsion systems.

Founders Fund, who led Magdrive’s first funding round, and Balerion, Alumni Ventures, Outsized Ventures, 7percent, and Entrepreneur First also contributed to the round. 

Magdrive is a UK-based company developing advanced electric propulsion systems for satellites and spacecraft. Their thrusters utilize metal propellant and internal energy to generate high-energy plasma, offering thrust levels significantly higher than similar-sized electric propulsion systems. These compact systems are designed for various applications, including satellite servicing, in-space transportation, and deep space exploration.

In January 2023, Magdrive launched its first mission, marking a significant milestone in demonstrating their propulsion technology. They have also collaborated with D-Orbit for an in-orbit demonstration of the Magdrive Rogue propulsion system, scheduled for launch in June 2025. Additionally, Magdrive is developing the SuperMagdrive thruster, capable of being refueled with metal found in space, aiming to enable sustainable deep-space missions.

Magdrive is preparing for the first in-space tests of its Magdrive Rogue thruster, set to launch in June this year in collaboration with D-Orbit, providing the rapidly growing satellite constellations market with a high-thrust and high-efficiency solution at low mass and volume. The funding will enable Magdrive to continue research and development for its innovative high-thrust electric propulsion systems for all sizes of satellites, build a manufacturing facility in the UK, and establish a US office.

CEO Mark Stokes commented: “Magdrive represents the next generation of spacecraft propulsion, turning humanity’s grand ambitions in space into a reality with mega constellations, asteroid mining, and in-space servicing, assembly, and manufacturing; all the building blocks to make us a space faring civilization.”

Redalpine General Partner Harald Nieder added: “Magdrive’s technology has tremendous potential to change the game in spacecraft propulsion to solve big pain points in the status quo, including manoeuvrability and longevity. Propulsion is literally driving the emerging space economy. We are delighted to back Tom, Mark, and the team as they push forward this leap in spacecraft propulsion.”