When we first invested in The Exploration Company leading their Series A with EQT ventures back in 2023, we lauded their execution as "100% on track with strong traction", a previous assertion that now feels like an understatement. Today, it's clear they've exceeded even that high mark—surpassing expectations in both technical advancements and commercial achievements.

Founded in 2021, The Exploration Company has quickly established itself as a pioneer in developing sustainable and accessible space transportation solutions.The company's flagship product, Nyx, is a groundbreaking modular and reusable spacecraft designed for missions in Earth orbit and to the Moon.

Our relationship with The Exploration Company's CEO, Hélène Huby, spans over a decade, dating back to her impactful role as VP of Europe Service Module at Airbus. Since 2017, Hélène has been an invaluable advisor to Red River West on the space industry, making our investment a natural progression of our long-standing collaboration.

As stated above, The Exploration Company has shown remarkable growth and has already secured contracts worth several hundreds of millions, with a great majority from private space station providers. We are particularly excited about The Exploration Company's progress in the US market. In 2023, they secured a significant contract with Axiom Space, a major US company in the commercial space station sector.

After a first demonstration in space with Ariane in 2024, the next launch is planned in 2025 with SpaceX.