German SpaceX rival Isar raises $168 million, bolstering launch plans

FRANKFURT (Reuters) - German rocket manufacturer Isar Aerospace raised 155 million euros ($167.57 million) in a new financing round that will help it make progress towards its first launch planned in the second half of the year, the Munich-based company said on Tuesday.

Among the investors is German carmaker Porsche SE, which will join the supervisory board along with HV Capital, said the company.

"This funding round is an important milestone on our path to orbit," said Chief Executive Daniel Metzler.

The company is now valued higher than in the previous financing round in 2021, Chief Financial Officer David Kownator said without giving a number. Isar Aerospace has now raised a total of 310 millions euros, Kownator added.

Isar Aerospace is planning the maiden flight of its Spectrum launch vehicle, which is designed to put small and medium-sized satellites into orbit from a launch pad in Norway, in the second half of 2023.

The order books are already well filled, Kownator said.

($1 = 0.9250 euros)

(Reporting by Hakan Ersen, Writing by Miranda Murray, Editing by Friederike Heine)