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NewRocket introduces new generation of space engines, raises $1m

The company has announced a $1m investment from a UK-based investor and is currently executing projects that exceed $6m.
Ilan Harel is CEO of NewRocket.

NewSpace startup NewRocket has launched a new generation of rocket engines. A graduate of Incubit Ventures, Elbit Systems’ deep-tech startup incubator, NewRocket develops advanced gel-fuelled rocket engines, meeting the strictest industry regulations.

The company’s solutions are suited for satellites across all size categories and other in-space applications, enabling high-energy orbital transfer and manoeuvres. Its PowerGel-propellant promises to offer green propulsion, without compromising on high performance and full active thrust control.

NewRocket recently won its first contracts with aerospace corporations and is currently executing projects that exceed $6m. To expand its global reach, the company has secured $1m, out of ongoing funding round, from the UK-based Consensus Business Group (CBG), led by prominent investor Vincent Tchenguiz. CBG has an investment portfolio of $ 600m worldwide.

NewRocket was founded by Zohar Schlagman and Moti Elyashiv at Incubit Ventures, an incubator owned and backed by Elbit Systems and supported by the Israel Innovation Authority (IIA). Incubit Ventures invests in early-stage, deep-tech startups with groundbreaking and disruptive technologies.

The technology used by NewRocket is based on technology developed by Professor Benny Natan from the Faculty of Aerospace Engineering at the Technion – Israel Institute of Technology, which was licensed to the company.

Commenting on the investment, Ilan Harel, NewRocket’s CEO said: “The investment will serve NewRocket in executing its growth strategy, accelerating engine development as we bring our propulsion solutions into the global aerospace market. As NewSpace companies launch constellations of thousands of satellites, while space debris is accumulating, NewRocket propulsion solutions will allow for more efficient satellite orbital deployment and de-orbiting.”

Traditional fuels used today for satellite propulsion are highly toxic, based on hydrazine, which is expected to be banned in Europe. Harel added: “Our proprietary gel fuel combines the benefits of both solid and liquid fuels: it is powerful – with similar performance to legacy hydrazine-based bi-propellants – fully controllable, and environmentally friendly. Accordingly, the gel propellant is safe and non-toxic, thereby dramatically reducing fueling, storage and ground service costs.”

Netta Cohen, Incubit Ventures CEO remarked: “The space industry is going through a massive transformation. For decades it has been a government-controlled sector. Still, in recent years, with the emergence of private initiatives by entrepreneurs like Elon Musk’s SpaceX, the civilian space market started to rapidly develop.  In order for this market to accelerate and scale, there is a real need to reduce costs, while maintaining high performance. NewRocket’s solution disrupts the market with an innovative approach, that meets the NewSpace market needs.”