Edinburgh, 13 September 2021. – A consortium of three South Korean companies invests US $50 million in American rocket start-up Relativity Space, News Naver reported. The three companies are Hanwha Aerospace, NH Investment & Securities and Consus Asset Management.
The investment is part of the US $650 million Relativity Space raised in the Series E funding round in June, Maeil Economic Daily said. During this round, Fidelity Management & Research Company invested US $200 million. Other investors include Baillie Gifford, Centricus, BlackRock and Qatar and Saudi Arabia’s sovereign wealth funds.
Relativity Space aims to be the first company to 3D print an entire rocket. The company uses their self-designed, in-house-built metal 3D printers which can produce a launch vehicle in 60 days, cutting down time and labour costs, the company claims.
Relativity’s flagship rocket Terran 1 is a two-stage, expendable rocket with a payload capability of 900-1,250 kg. Terran 1’s first demonstration flight is due in early 2022. The company’s other rocket model, Terran R, is currently under development. It will be a heavy-lift, reusable, two-stage rocket with a payload capability of 20,000 kg. Terran R is expected to launch in 2024.