Porsche/VW investing in rocket business
July 28, 2021
By Chris Forrester
The holding company behind the Porsche/VW car giant is putting cash into Isar Aerospace, a Munich-based company which is developing lower-cost access to space.
Other investors in Isar include Airbus, Earlybird Venture Capital, Lakestar, HV Capital and Lombard Odier, according to details in the Financial Times.
Porsche SE, with HV Capital and Lombard, has reportedly invested $75 million and takes second stage financing to $165 million.
Isar’s rocket would be cheaper than the Franco/German Ariane-6 now under advanced development but will likely be more expensive than Elon Musk’s Falcon 9 rocket.
Isar holds a contract from the European Space Agency to launch two satellites for the German government. Isar’s Spectrum rocket will have a payload of about 1 tonne, and thus it would be possible to carry multiple smaller satellites.
The rocket’s maiden flight is scheduled for 2022 from Norway.