(Yicai Global) Nov. 21 -- LandSpace Technology, a private Chinese rocket startup, has secured CNY300 million (USD43.2 million) in B+ funding, which will be used to develop and produce its 80-ton liquid-oxygen methane engine and its medium-sized carrier vehicle.

LandSpace will also build a new commercial aerospace ecosystem for research and development, production and testing, the Beijing-based firm said in a statement. China Growth Capital led the funding, supported by Zhongji Investment, Juzhuo Capital and 36kr Fund, as well as Goldwind, FoundDream, Chun Tin Group Holding.

Formed in 2015, Landspace develops liquid oxygen methane aerospace engines and liquid oxygen methane rockets for small and medium commercial aerospace operations. The company had netted over CNY800 million as of the end of this September.

Its TianQue liquid oxygen methane engine completed short nozzle-state thrust chamber testing in September. The whole system test is expected to be completed in the first half of next year. The medium-sized liquid launch vehicle ZhuQue-2 based on this engine will be launched for the first time in 2020.

Editor: William Clegg