PLD Space, a Spanish rocket currently under development, said on Tuesday that it has raised 78 million euros ($84 million) from investors. In the middle of 2024, the company intends to use the money to open its first rocket factory in Elche, Spain.

The company had received 42 million euros ($45 million) from the Spanish government in January. This fresh funding is on top of that amount. With a round in January 2022 included, PLD Space has now raised 120 million euros ($128 million) in total.

The Miura 5 reusable orbital microlauncher, being developed by PLD Space, is intended to launch tiny satellites weighing up to 540 kg. With the intention of launching the rocket by the end of 2025, it hopes to launch more than 30 times annually by 2030. The business achieved a significant milestone in October when it launched its suborbital Miura 1 rocket.

In addition, PLD Space intends to start building its launch site at the European CSG spaceport in French Guiana, which will accommodate the first launches of the Miura 5. It also intends to enhance its ability to integrate engines and launchers. By the end of the year, the company wants to increase its staff from 194 to 300 workers.

“The funding for our work has been one of the most difficult tasks in developing our Miura family of rockets. Despite this, the successful launch of Miura 1 has bolstered our position as leaders in the industry, an achievement acknowledged by investors and clients,” said Raúl Verdú, co-founder and chief business development officer. “We are working hard to achieve the first orbital launch of Miura 5, which would not be possible without the trust of our shareholders, clients, team and suppliers.”