Posted: Monday, November 30, 2020
Tel Aviv, Israel – November 30, 2020 – NewRocket, an innovative NewSpace startup company, launched a new generation of rocket engines.
A graduate of Incubit Ventures, Elbit Systems' deep-tech startup incubator, NewRocket develops advanced gel-fueled rocket engines that are powerful, controllable and environmentally friendly, 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 maneuvers. Its groundbreaking PowerGel-propellant offers green propulsion, without compromising on high performance and full active thrust control.
NewRocket recently won its first contracts with leading aerospace corporations and is currently executing projects that exceed $6 million. To expand its global reach, the company already secured $1 million, out of an ongoing funding round, from the UK based Consensus Business Group (CBG), led by prominent investor Vincent Tchenguiz. CBG has an investment portfolio of $ 600 million worldwide.
"The investment will serve NewRocket in executing its growth strategy, accelerating engine development as we bring our propulsion solutions into the global aerospace market", said Ilan Harel, NewRocket's CEO. "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. "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", said Harel.
"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", said Netta Cohen, Incubit Ventures CEO. In order for this market to accelerate and scale, there is 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."
A successful proof of concept also paved the way to key applications in the aviation and energy markets.
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 Prof Benny Natan from the Faculty of Aerospace Engineering at the Technion - Israel Institute of Technology, which was licensed to the company.
Founded in 1912, Technion is Israel’s first university. Today, Technion is acclaimed as the source of ingenuity behind Israel’s status as the world’s “Start-Up Nation”. Technion innovation has a high global impact in areas including life-saving medicine, sustainable energy, water conservation, computer science, and nanotechnology. With 18 faculties and more than 50 research centers, Technion offers degrees in science and engineering, architecture, medicine, industrial management, and education. https://www.newrocket.co.il/
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