Spanish propulsion startup Pangea Aerospace has secured 23 million euros ($25 million) in a Series A funding round, led by Hyperion Fund. The investment will accelerate the development of advanced rocket engines, particularly aerospike engines, for launch vehicles and spacecraft.
The funding will support Pangea's growth in the European market, expanding manufacturing and testing facilities. Pangea is known for its work on aerospike engines, which offer greater efficiency but are technically challenging to develop. The company has tested a prototype aerospike engine using 3D-printing technologies in 2021.
Pangea currently has eight active contracts with companies and institutions, including the European Space Agency, to study high-thrust engine designs for future European reusable vehicles and reusable upper stages. The company is focused on propulsion systems and does not plan to develop full launch systems or spacecraft.
Hyperion Fund's investment in Pangea Aerospace is its first, supporting companies in aerospace, defense, cybersecurity, and artificial intelligence. Hyperion aims to strengthen the technological sovereignty and security leadership of allied nations through its investments.