Private Chinese rocket maker raises 1.2 billion yuan

HANGZHOU -- Private Chinese rocket maker LandSpace has completed its series C+ funding worth 1.2 billion yuan (about $175 million), the company announced on Wednesday.

The company has raised a total of 1.8 billion yuan over the past year. The latest round of funding will support the development of the ZQ 2 liquid-propellant carrier rocket, as well as the research and production of medium and large liquid oxygen-methane carrier rockets.

The company will seize market opportunities for the global deployment of satellites, increase investment in research and development, and foster talent to increase its commercial launch capabilities.

Zhang Changwu, founder and CEO of LandSpace, said the company will focus on the demand for commercial satellite launches and enhance the transport capacity of the ZQ series liquid-propellant rockets.

By the end of August, the company had completed hot firing tests for 80-tonne and 10-tonne TQ rocket engines. The ZQ-2 liquid-propellant rocket has undergone a series of ground tests, with key components delivered.