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The Exploration Company announced a €40.5 million (∼$44 million) Series A to propel its plans to build a reusable, green-fueled space capsule.

Why it matters: The Exploration Company wants to build the European rival to SpaceX, whose capsules ferried cargo and crew to the International Space Station.

Details: EQT Ventures and Red River West led the all-equity round. 

Ted Persson, partner at EQT Ventures, and Alfred Vericel, founding partner of Red River West, are joining the company's board.

What they're saying: "We saw The Exploration Company as a very rare opportunity to back a European company that could reach the same scale" as SpaceX, Persson tells Axios.

Zoom in: The company will use what it says is a nontoxic, green propellant and a capsule that can be reused at least five times (an amount similar to SpaceX capsules). 

The intrigue: The Exploration Company says it's relying solely on private funding. 

Founder and CEO Hélène Huby says she's happy to remain privately funded, a stance she says makes the company more nimble than competitors that partly depend on funding from government agencies such as NASA.

That said, Huby is aware that such an approach has consequences. 

"Private investors are not willing to accept huge delays," Huby tells Axios. "We need to show very soon that we’re going to have anchor clients."

What's next: The company plans to launch a "baby" capsule this year that measures about two feet across.

The Series A funding will fund a subsequent "teenage" capsule, Huby says. 

The Exploration Company nets €40M for green space capsule

The company aims to be the European rival to SpaceX.

A rendering of an Exploration Company space capsule orbiting Earth.

A rendering of an Exploration Company space capsule. Rendering: The Exploration Company

Space

The Exploration Company announced a €40.5 million (∼$44 million) Series A to propel its plans to build a reusable, green-fueled space capsule.Why it matters: The Exploration Company wants to build the European rival to <a class="gtmContentClick" data-vars-link-text="SpaceX" data-vars-click-url="https://www.nasa.gov/home/hqnews/2012/may/HQ_12-172_SpaceX_Dragon_Berth.html" data-vars-content-id="1130f168-4986-4d1c-98aa-105cbb8ee420" data-vars-headline="The Exploration Company nets €40M for green space capsule" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.nasa.gov/home/hqnews/2012/may/HQ_12-172_SpaceX_Dragon_Berth.html" target="_blank">SpaceX</a>, whose capsules ferried cargo and crew to the International Space Station.

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The Exploration Company nets €40M for green space capsule

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