Funding will be used to scale production of plasma thrusters for small satellites
Beringea, a global private equity firm providing growth capital to high-potential businesses, invested in a $20 million Series B investment round in Michigan-based Orbion Space Technology, Inc., a leading supplier of high-performance Hall-effect propulsion systems for small satellites. This new funding will allow Orbion to scale up production of plasma thrusters.
“We strongly believe that it is crucial that the thruster is built by thruster experts — not simply manufacturers who are following instructions to replicate devices that they don’t understand,” said Brad King, CEO and co-founder of Orbion. “By building our own products we also avoid having a third-party in the cost structure and can be more responsive to our customers since contract manufacturers can induce delays in order schedules if they are busy building other things,” he added. Orbion is now operating its own thruster factory, said King, “but the Series B capital allows us to enter the next phase of factory buildout.”
“Proliferation of small satellites is expected to continue at an exponential rate in the coming years, powering advanced applications across industries” said Michael Gross, managing director of Beringea. “With a world-renowned team in Hall-effect propulsion systems and industry leading technology, design, testing and manufacturing capabilities, Orbion is positioned to become the industry leader in electric propulsion for small satellites. We’re excited to help Dr. King and his team in Northern Michigan meet the global market demand with their best-in-class portfolio of solutions.”
About Orbion Space Technology
Orbion Space Technology develops revolutionary propulsion systems that allow small satellites to achieve more in space environments, including the first-ever Hall-effect plasma thruster designed expressly for mass production. Orbion not only designs and develops these systems, but also innovates novel techniques and processes for mass-manufacture to meet the rising demands of NewSpace customers. The team brings a wealth of expertise across areas such as plasma thrusters, space electronics, orbital mechanics, manufacturing, and space business.
