Defense Contractors Fund Space Refueling Start-Up

Issue 87

Aerospace technology continues to be the hot topic of the private sector as Northrop Grumman and Lockheed Martin invested in the San Francisco-based startup Orbit Fab.

Orbit Fab has raised over $17 million in funding to launch two refueling shuttles into space. The company has successfully developed a valve system that can latch onto other spacecraft and maintain the pressure required to transfer fuel from one spacecraft to the other. With enough funding, Orbit Fab hopes to launch its two refueling shuttles in early 2023 at the latest.

The possibility of refueling would be an enormous advancement for the space industry as Chris Moran, executive director at Lockheed Martin’s venture arm, said the company wanted to invest in Orbit Fab based on customer feedback about keeping satellites operational after they have spent their fuel. “They’re very interested in extending the lifetime of expensive assets.”

Source: Wall Street Journal