Orbit Fab Secures Investment from Northrop Grumman and Lockheed Martin to Commercialize On-Orbit Refueling14 Sep 2021, 16:52 UTC
Tanker 1 satellite. (Credit: Orbit Fab)
Two industry leaders, Northrop Grumman and Lockheed Martin, invest in Orbit Fab for their Gas Stations in SpaceTM end-to-end refueling services using the Rapidly Attachable Fluid Transfer Interface (RAFTI).
SAN FRANCISCO (Orbit Fab PR) — Orbit Fab closed over $10 Million in its most recent financing, bringing its total funding to $17 Million. Alongside Northrop Grumman Corporation (NYSE: NOC) and Lockheed Martin Ventures (NYSE: LMT), Asymmetry Ventures led the round. Existing investor SpaceFund is joined by new investors, Marubeni Ventures and Audacious Venture Partners.
On-orbit refueling is a paradigm shift for the industry, pioneering reusable spacecraft and new flexible mission operations will allow for new business models. “Northrop Grumman and Lockheed Martin both see clear value in on-orbit refueling to create a bustling in-space economy,” said Orbit Fab co-founder Jeremy Schiel. “It’s great to see two Aerospace & Defense leaders embracing this technology. Their investment will help drive the adoption of our on-orbit refueling services and allow us to support the growing satellite servicing industry.”
The historic funding event follows a string of team successes. In 2019, Orbit Fab was the first private company to resupply the ISS with water, qualifying the company’s feed ...