The Exploration Company awarded €760 million cargo capsule contract
The European Space Agency signed a deal with The Exploration Company for a new commercial spacecraft program. Rwanda's President Paul Kagame also addressed the summit to highlight African participation in the space economy.
The Exploration Company secured a service contract from the European Space Agency worth €760 million. The agreement, signed at the International Space Summit in Paris on Thursday, September 10, covers building and flying Europe's first commercial cargo capsule to the International Space Station. The initial portion of the deal is €310 million for a demonstration mission, while up to €450 million is allocated for two optional future service missions. ESA Director General Josef Aschbacher stated the contract positions the agency as an anchor customer for Europe's commercial space sector.
This decision follows just days after The Exploration Company closed a Series C financing round of €387 million. Funds will support final development of its Nyx reusable capsule and work on a new high-thrust rocket engine called Storm.
The program is part of the ALADDIN initiative, replacing the previous Low Earth Orbit Cargo Return Service competition which selected two projects in 2022 with an investment of €25 million. Meanwhile, Rwanda's President Paul Kagame spoke during the summit to urge greater participation by Africa in the expanding space economy.
