Press release 15.5.2023
Aurora Propulsion Technologies Funded by European Innovation Council
EIC funds Aurora with Grant for developing Plasma Brake Technology
Espoo, Finland. May 15, 2023 – Aurora Propulsion Technologies, a leading Finnish space propulsion systems company, today announces the receipt of European Innovation Council (EIC) funding for the development and commercialization of Aurora Plasma Brake Technology. The technology will enable deorbiting of satellites at the end of their use.
“We at Aurora are exhilarated by the EIC recognition of Aurora as one of the premier technology companies in Europe,” says Roope Takala, CEO of Aurora Propulsion Technologies. “The EIC grant ensures our innovations will reach the markets and gives us the funding visibility and means to further our mission of developing technologies to ensure the sustainable use of space.”
The recently signed grant agreement provides Aurora with 2,4 M€ of non-diluting funding, needed to complete the product development of Aurora’s Plasma Brake de-orbiting products. In-orbit demonstration flights, key hires, and further growth will be supported by the additional follow-on Equity component of the EIC grant, available to Aurora midway through the two-year grant period. The Equity component of EIC funding can raise up to 5 M€ additional equity. This funding will be a core element in the companies A- funding round, planned for 2024, and will enable a significant acceleration of the company’s growth.
More information on the grant from EIC at:
Aurora Propulsion Technologies Media Contact:
Roope Takala | +358 50 482 0860 | roope.takala@auroroapt.fi
Company images and video content:
https://www.youtube.com/@aurorapropulsiontechnologi9567
About Aurora Propulsion Technologies
Aurora Propulsion Technologies’ mission is to ensure sustainable use of space, whilst prolonging the useful lifespan of satellites. Our technologies enable effective and prompt implementation of satellite position and orientation to ensure successful execution and growth for the owners’ business as well as the safe and reliable deorbiting of satellites at the end of their useful life. The long-term mission goal is deep space exploration with microsatellite-sized probes using a revolutionary means of propulsion, an electric sail. Visit Aurora Propulsion Technologies at www.aurorapt.fi.
About European Innovation Council:
The EIC Accelerator offers start-ups and SMEs grants of up to €2.5 million combined with equity investments through the EIC Fund ranging from €0.5 to €15 million. In addition to financial support, all projects benefit from a range of Business Acceleration Services that provide access to leading expertise, corporates, investors and ecosystem actors.
Companies can submit their ideas to the EIC Accelerator at any time. For ideas meeting the EIC criteria for excellence, impact and risk-level, companies are invited to prepare full applications to submit to one of the regular cut-off dates.
Since its launch in March 2021, more than 6,500 start-ups and SMEs have sent their ideas and over 3,330 have submitted full applications. The companies announced today were among the 1092 who submitted to the last 2022 cut-off on 5 October, and join the 314 companies selected for funding by the EIC so far. The next cut-offs for full applications are: 11 January 2023, 22 March 2023, 7 June 2023, 4 October 2023.