SAN FRANCISCO \u2013 French propulsion startup Ion-X raised 13 million euros ($13.67 million) in a Series A funding round announced Dec. 10.<\/p>
With the investment, the spinoff of the French National Center for Scientific Research and startup studio Technofounders, plans to accelerate development and expand production of electrospray thrusters for small satellites and constellations.<\/p>
The funding \u201callows us not only to launch the industrialization of our ion thruster but also to accelerate our growth in a rapidly expanding sector,\u201d Ion-X CEO Thomas Hiriart said in a statement. \u201cWe are deeply convinced that our propulsion solutions can revolutionize the space mobility market, contribute to sustainable, innovative, and cost-effective space missions, and carve out a significant commercial position in a market eager for reliable thrusters.\u201d<\/p>
Ion-X, founded in 2021 in a suburb of Paris, plans to begin producing 10 thrusters per month by 2026, building up to 200 thrusters per year by 2028.<\/p>
With a future production facility near Paris and propellant from a French source, Ion-X will maintain a domestic supply chain, according to the news release.<\/p>
Ion-X raised about $4 million in a 2022 seed round. Expansion and Technofounders, firms that participated in the earlier round, provided funding for the latest round alongside new investors including the European Innovation Council (EIC) Fund and the \u00cele-de-France Region, through its Reindustrialization Fund managed by Innovacom.<\/p>
Alexandra Dublanche, \u00cele-de-France region vice president, said in a statement that Ion-X \u201cwill create jobs, energize the \u00cele-de-France region, and uphold the competitiveness and excellence of the New Space sector in France.\u201d<\/p>
Alban Nenert, Innovacom investment director, said in a statement that the firm believes \u201cin the potential of ION-X’s team to successfully commercialize their high-tech thrusters.\u201d<\/p>
Svetoslava Georgieva, EIC Fund Steering Board chair, said in a statement that Ion-X is \u201cpushing the boundaries of space propulsion.\u201d<\/p>","protected":false},"excerpt":{"rendered":"
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