China's private space launch firm, LandSpace, recently announced that it had closed the series B+ round of financing at ¥300m RMB ($43m USD), led by China Growth Capital with Zhongji Investment, 36Kr, Juzhuo Capital and others, bringing the total raised by LandSpace to over ¥800m ($115m USD). The purpose is to create a new commercial aerospace ecosystem consisting of the development, production and testing of the new liquid rockets.
Wayne Shiong, Partner of China Growth Capital (CGC), a leading investor, said, "Following the recent successful landing of the robotic spacecraft, Chang'e-4, on the far side of the moon on 3 Jan 2019, we are confident in the growth of the Chinese aerospace industry for the coming decades.
Private firms like LandSpace can add value by becoming a beneficial market supplement to traditional state-owned firms. LandSpace can greatly shorten the R&D time of small and medium-sized liquid oxygen methane engines in China and effectively reduce the cost of commercial launches in the future."
This financing round of LandSpace will be mainly for the R&D of the 80t liquid oxygen methane engine "Tianque" (TQ-12) and the medium-sized liquid launch vehicle "Zhuque 2" (ZQ2); both are flagship products of LandSpace. The trial run of short nozzle state thrust chamber for engine "Tianque" (TQ12) has been completed by the end of September 2018. It is expected that the test run of the whole system will be completed in the first half of 2019. The mediumsized liquid launch vehicle "Zhuque 2," which is developed based on the engine "Tianque" (TQ12), is planned to have its maiden voyage in 2020.
Zhang Changwu, CEO of LandSpace, believes the privately held firm's remarkable progress is attributed to a clear commercialization strategy and strong technical team. In the future, LandSpace will adhere to its true and tested technical strategy and continue to contribute to China's aerospace industry. LandSpace will focus on R&D, manufacturing and supply chain management, in order to meet the needs of the upcoming commercial launch in 2020.
About LandSpace LandSpace Technology Corporation Ltd. is a Chinese private aerospace enterprise engaged in the R&D and operations of launch vehicles. Focusing on small and medium scale commercial aerospace application market, LandSpace is devoted to the development of Liquid-fuel Rocket Engines (LREs) and low-cost commercial launch vehicles with independent intellectual property rights.
About China Growth Capital China Growth Capital is a leading early-stage venture capital firm in China with an extended interest in Silicon Valley. The firm funds seed to Series B in fintech, enterprise tech and Internet consumer sectors. Since its founding in 2006, China Growth Capital has grown to manage 8 Billion RMB (approximately 1.2 Billion USD) in asset under management across its different RMB and USD funds, with close to 300 portfolio companies. In addition to spaces technology, China Growth Capital has also recently invested in industries such as enterprise software, fintech, medtech, argritech, e-commerce and artificial intelligence etc.
For more information please visit: www.landspace.com www.chinagrowthcapital.com
At the Geneva International Motor Show (GIMS) 2019 PAL-V unveiled the distinctive features of the PAL-V Liberty Pioneer, world's first production model flying car. The 90-piece limited edition is based on the PAL-V Liberty which was unveiled last year at the GIMS. It will open the next chapter of mobility.
According to Dingemanse, CEO of PAL-V: "The Pioneer Edition is for those that want to be part of a unique group that writes history with us. They will be at the forefront of a mobility revolution, where we will no longer have cars that can only drive.They will be the first carflyers in their country, FlyDriving to any destination. Last year we already announced that we were going to start with a limited edition of the PAL-V Liberty. This year we show the special elements of this limited edition of which delivery starts in 2020," says Dingemanse.
Amongst other features, the PAL-V Liberty Pioneer Edition is equipped with a dual control cockpit and the Electronic Flight Instrument System. The full carbon package clearly distinguishes the Pioneer from the standard Liberty as well as a tailor-made interior and exclusive characteristic two tone colour scheme.
Developing a flying car takes a long time and a lot of persistence. It's a revolutionary development, especially as PAL-V developed a commercial vehicle that complies with existing regulations, very different from an interesting technical concept.
With the launch of the PAL-V Liberty Pioneer, PAL-V will open the next chapter of personal mobility. The Pioneer edition gives 90 people in the world the possibility to go above and beyond.