The German Multinational corporation Porsche SE invests in rocket start-up Isar Aerospace to gain access to new space-based technologies.
The executive responsible for investment management of Porsche SE, Lutz Meschke, said:
“We are convinced that cost-effective and flexible access to space will be a key enabler for innovations in traditional industries as well as for new and disruptive technologies and business models.”
Isar Aerospace is one among the several start-ups in Europe that is attempting to rival Jeff Bezos’s. Blue origin and Elon Musk’s SpaceX with low cost satellite launch services to low earth orbit.
The aerospace company is currently building a micro-satellite launcher significantly smaller and thus lower in price than bigger launchers on the market today, has picked up €75 million ($91 million) in funding. It plans to use the money to continue its research, development and production en route to its first commercial launches, planned for early 2022.
About Porshe SE
It is a holding company of Volkswagen Group based in Germany, with its investments in the automotive industry. It was found in the year 2007 Porsche SE and Volkswagen AG had reached an agreement that the car manufacturing operations of the two companies would merge in 2011, to form an Integrated Automotive Group.
The Group comprises twelve brands from seven European countries: Volkswagen Passenger Cars, ŠKODA, Lamborghini, SEAT, Bugatti, Audi, Porsche, Ducati, Bentley, Volkswagen Commercial Vehicles, Scania and MAN.
About Isar Aerospace
It is a German based startup found in 2018 which develops next generation rockets for sustainable access to space for small and medium satellites and satellite constellations.
