Orbital Recovery has completed its second round financing for the ConeXpress Orbital Life Extension Vehicle (CX OLEV), marking a major program milestone that allows production of the first “space tug” to begin in early 2005, followed by the initial operational mission approximately 36 months later.

The company is now fully funded with the addition of major European industrial investors – the Swedish Space Corporation and SENER of Spain. These companies join Dutch Space of The Netherlands, which became the lead investor of the company in April.

Also contributing is the European Space Agency, which has co-funded the definition phases of the CX OLEV initiative in its ARTES 4 Public-Private Partnership programme.

“We are delighted to welcome the Swedish Space Corporation and SENER to our consortium, making our company fully funded,” said Orbital Recovery Ltd. Chief Executive Officer Phil Braden.

More here.