Spanish space company PLD Space has closed a €180 million Series C funding round led by Mitsubishi Electric Corporation. The Japanese conglomerate will also become the startup’s strategic partner and launch customer.
In addition to providing capital to accelerate the development and industrial production of the MIURA 5 rocket, this agreement can also be regarded as a vector for the Spanish firm’s future expansion in the satellite launch market in Asia.
This round, which takes the total amount of capital raised to date by PLD Space past the €350 million mark, has also seen the participation of Spanish public and private investors. These include investment management firm Nazca Capital and the Centre for the Development of Technology and Innovation (CDTI), which is an entity linked to the Spanish Ministry of Science, Innovation and Universities, as well as COFIDES, a financial institution jointly owned by the Spanish government and some of the country’s major banks.
“By combining PLD Space’s launch capabilities with Mitsubishi Electric’s strengths in the satellite business, we aim to address evolving customer requirements, including those in the global market.” stated Tomonori Sato, Executive Office and Group President, Defense & Space Systems, at Mitsubishi Electric, in the press release announcing the deal.
PLD Space is preparing for the first launch of its new MIURA 5 rocket from Europe’s Spaceport in Kurou, French Guiana, at some point in 2026. The Spanish startup is targeting at least 30 annual launches by 2030.
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