(Yicai Global) Jan. 24 -- Galactic Energy has secured CNY1.27 billion (USD200 million) in its latest fundraising round led by Oriental Fortune Capital Investment Management and Shanghai Huaqiang Equity Investment Management that the private Chinese space launch company will use to get its reusable liquid-fueled rocket off the ground.

Other participants in the Series B and Series B+ fundraiser which ran from July to October last year are Avic Industry-Finance Holdings and China Veterans Investment, the Beijing-based firm said today.

The Pallas-1 rocket, powered by liquid oxygen and kerosene, is coming along well, it said. The structural, electronic and propulsion systems have been designed and the missile is expected to have a pilot launch next year, according to The Paper.

Galactic aims to be the world’s second commercial rocket maker to master the technology behind reusable liquid-fueled launch vehicles after Elon Musk’s aerospace company Space Exploration Technologies, Chief Executive and founder Liu Baiqi said earlier.

Founded in Feb. 2018, Galactic aims to provide global aerospace markets with flexible, fast and economical commercial launch service solutions. In November 2020, it launched its first rocket, a small solid-fueled model called the Ceres 1, which has since taken six commercial satellites into orbit.

Editor: Kim Taylor