Table of Contents
Introduction
In a landmark development for the Chinese commercial space industry, Galactic Energy recently announced securing an impressive $154 million in funding for the advancement of its groundbreaking Pallas-1 reusable rocket. The funding rounds, denoted as C and C+, were revealed on December 18, signifying a crucial step forward for Galactic Energy’s ambitious plans in the increasingly competitive space launch sector.
Pallas-1: A Glimpse into Galactic Energy’s Vision
Galactic Energy’s primary funding focus will be the research and development of reusable launch vehicle technology for the Pallas-1 medium-lift rocket and its associated infrastructure. The 42-meter-long kerosene-liquid oxygen launcher is meticulously designed with a planned capacity of 5,000 kg to low Earth orbit (LEO) or 3,000 kg to a 700 km sun-synchronous orbit (SSO). Propelled by seven Cangqiong (Welkin) gas generator engines, the Pallas-1 is expected to make its inaugural flight in Q3 of the coming year.
Strategic Funding Partnerships
The funding rounds were not only successful but were also marked by influential partnerships. Led by Ziyang Heavy Industry Fund, key entities such as Bengbu Investment Group, Langfang Linkong, Founder Hesheng Investment, Jintuo Capital, and undisclosed investors participated, according to an official company statement. This significant financial backing not only underscores the confidence in Galactic Energy’s potential but also highlights the resilience of Chinese commercial launch ventures amidst economic challenges and a fiercely competitive landscape.
Image Source: space.com
Future Ambitions: Pallas-1 and beyond
Delving deeper into Galactic Energy’s aspirations, the Pallas-1 is just the beginning. The company has set ambitious targets, including recovering the first stage using landing legs by 2025. Moreover, Galactic Energy is looking beyond with plans for a triple-core variant of the Pallas-1, capable of lifting an impressive 14,000 kg to LEO, scheduled for launch in 2026. Galactic Energy’s strategic aim is to secure contracts for launching satellites, particularly for China’s national satellite internet mega constellation, Guowang. This mega project is poised to deploy around 13,000 satellites into LEO, representing China’s response to SpaceX’s Star Link and other competing constellations.
Competition and Collaboration in the Chinese Space Arena
In the context of the competitive landscape, Galactic Energy finds itself amidst formidable rivals in the quest for dominance in larger, reusable rockets. Landscape’s methane-fuelled Zhuque-2, although currently expendable, has already achieved two successful launches, carrying 1,500 kg to a 500-kilometer sun-synchronous orbit (SSO). The company has further announced plans for an upgraded version, Zhuque-3, capable of lifting 18,300 kg to LEO while recovering the first stage, with a targeted launch date 2025.
Other players, such as Space Pioneer, have also made significant strides in the Chinese commercial space sector. Becoming the first Chinese commercial startup to reach orbit with a liquid propellant rocket in April, Space Pioneer plans to launch its Tianlong-3 rocket in June 2024, aiming for capabilities comparable to SpaceX’s Falcon 9. Notably, Space Pioneer secured new major funding in October, indicating sustained investor confidence.
The Evolution of Chinese Commercial Space in 2023
The year 2023 has undeniably been a breakthrough for Chinese commercial launch actors. Galactic Energy, alongside iSpace, Land space, Space Pioneer, and state-owned spinoffs CAS Space and Ex pace, collectively account for 17 of China’s 62 orbital launches this year. These launches encompass a range of achievements, including the first successful Chinese commercial liquid-propellant launchers to reach orbit. This surge in successful launches highlights the rapid advancements and competitiveness within the Chinese commercial space sector.
Image Source: ts2.space
Galactic Energy’s Journey and Achievements
Established in February 2018, Galactic Energy, with its full name Beijing Xinghe Dongli Space Technology Co. Ltd., has swiftly positioned itself as a leader in the crowded Chinese commercial launch sector. Notably, the company has not only successfully launched rockets but has also achieved a milestone by conducting a successful launch from a mobile sea platform, showcasing versatility and adaptability.
The recently secured $154 million in funding marks the second large funding round for the company. In early 2022, Galactic Energy announced raising $200 million in two funding rounds during the second half of 2021. It is noteworthy that Pallas-1 was the focal point of both these funding rounds, underscoring the company’s commitment to advancing this project.
Conclusion: A Pivotal Moment for Galactic Energy and Chinese Space Exploration
As Galactic Energy propels itself forward with substantial funding and ambitious plans, the stage is set for continued innovation and breakthroughs in China’s dynamic and ever-evolving space industry. The success of the recent funding rounds, coupled with Galactic Energy’s strategic vision for Pallas-1 and beyond, signals a pivotal moment not only for the company but also for the broader landscape of Chinese space exploration. The year 2023 will be remembered as a turning point, marking the ascendancy of Chinese commercial launch ventures onto the global stage, and Galactic Energy stands at the forefront of this transformative journey.
