Pangea invests 8.5 million euros in its new engine

The Barcelona company Pangea Aerospace accumulates an investment of 8.

Oliver Thansan
Oliver Thansan
25 May 2023 Thursday 22:28
29 Reads
Pangea invests 8.5 million euros in its new engine

The company, based in Barcelona and Toulouse, plans to increase these figures with the help of European funds. A consortium led by, and in which ITP Aero, GMV, UARX and Aenium participate, is one of the winners of the first phase of the aerospace Perte promoted by the Ministry of Science and Innovation, with a budget of 1.5 million euros , and is pending the validation of its design to be awarded the second phase, for another 40.5 million, in 2024.

The consortium has been called the National Team, because in addition to Pangea it includes companies from the Basque Country, Madrid, Galicia and Valladolid, which has been key in the award of the project, since it will promote the high-tech industry throughout the Spanish territory .

Adrià Argemí, CEO and co-founder of Pangea, explained in a statement that the technology developed by the consortium places Spain in "a strategic and cutting-edge position in the aerospace industry."

Pangea was founded in 2018 by Argemí, Llairó and a group of experts in the aerospace industry from Italy and Sweden. The company already has 36 workers.

The Perte is Pangea's second milestone in a few weeks, after signing in April the first sale agreement for its Arcos engine to the American company Tehiru, in a contract that will bring in revenues of up to 50 million over the next 5 years. Pangea already received 1.5 million euros last year, it plans to double this figure this year and with the various projects underway it expects to exceed 300 million per year by 2030.

Pangea's key product is the Arcos motor, due to its disruptive technology, and it plans to have its first unit ready for use in 2025. But in addition, Pangea is also working to develop processes for already established manufacturers, which already provides it with income.

Llairó explained that the company is developing a small Arcos engine for small satellite launchers, a sector that is currently booming, but its technology is scalable to apply to large launchers, and also to equip the satellites themselves to move in space and to the vehicles that move those that are already in orbit.