Magdrive secures funding for space work

A space propulsion start-up has secured $10.5 million in seed funding to accelerate the development of its “next generation” work.

Oxfordshire-based Magdrive, founded in 2019 by mechanical engineer Mark Stokes and plasma physicist Dr Thomas Clayson, is pioneering an electric thruster that enables spacecraft to travel further and manoeuvre with greater efficiency using a sustainable metal propellant.

The investment, led by Redalpine and supported by Founders Fund, Balerion, Alumni Ventures, Outsized Ventures, 7percent and Entrepreneur First, will enable Magdrive to continue research and development of its high-thrust electric propulsion for all sizes of satellites, as well as build a manufacturing base in the UK and establish a US office.

Magdrive’s first in-space test of its Rogue thruster is set for June in collaboration with D-Orbit, with “grand ambitions” to scale up its system to support in-space manufacturing, asteroid mining and interplanetary travel.

Mark said: “Magdrive represents the next generation of spacecraft propulsion, turning humanity’s grand ambitions in space into a reality with mega constellations, asteroid mining and in-space servicing, assembly and manufacturing; all the building blocks to make us a space faring civilisation.”

Harald Nieder, general partner of Redalpine, said: “Magdrive’s technology has tremendous potential to change the game in spacecraft propulsion to solve big pain points in the status quo, including manoeuvrability and longevity. 

“Propulsion is literally driving the emerging space economy. 

“We are delighted to back Tom, Mark and the team as they push forward this leap in spacecraft propulsion.”

Dan Wallman, partner at Balerion, added: “We’re thrilled to support Magdrive in developing next-generation space propulsion systems. 

“This ground-breaking technology has the potential to play a pivotal role in commercialising space during the post-Starship era.”

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