Pangea Aerospace announced a seed round of €3 million

Pangea Aerospace, a Barcelona, Spain-based manufacturer of micro launcher technology and small rockets, announced completing a seed round of €3 million ($3.7M).

The money was raised from investors from Spain, Italy and the US led by Inveready, and joined by CDTI Innvierte, Dozen Investments, Primo Space and E2MC.

Proceeds will be used to manufacture and test several 20kN (2 tons) aerospike rocket engine demonstrators and accelerate towards commercially ready aerospike propulsion technology.

Pangea Aerospace, founded in 2018 and led by CEO Adrià Argemí, is working for the development of ​​the next generation of micro launcher technology for small rockets, namely an aerospike nozzle for rocket engines. The company follows reusability capabilities principles of very low-costs, rapid manufacturing and uses the latest metallic 3D printing techniques and materials, claiming to be able to achieve a 15% space propulsion efficiency.

The testing of the aerospike engine, scheduled in Q3 2021, will mainly serve to validate its manufacturability, its regenerative cooling system and the use of CH4/LOX propellants in this nozzle architecture. The engine is completely manufactured in merely two pieces using a new copper alloy with excellent creep resistance and high thermal conductivity.

Pangea previously raised €1 million at the end of 2019.