Ukrainian SpaceTech startup Promin Aerospace raises $500 000: more details about the project

In the previous Quick News, we told about Ukrainian startup Promin Aerospace, which raised $500 000 in the Pre-seed round supported by QPDigital.

Mikhail Rudominsky, its CEO and co-founder, is behind the work of the young startup. He is known for a hardware project that produces 4G modems called “nect”, which raised $357 000 in 2020 through crowdfunding. To date, the first batch of modems has been produced but has not yet been delivered to customers.

The year in which work on Promin Aerospace began has not been publicly announced, but there is reason to believe that it will not begin before January this year. The innovative nature of the company’s solution is a special fuel rod that serves as the body of the rocket and burns itself on launch. It ultimately makes possible to launch rockets into orbits and suborbital at a lower cost.

A description of such self-igniting rocket technology can be found in the BBC’s material from 2018 about a joint development by Oles Нonchar Dnipro National University and Glasgow University. Whether Promin Aerospace’s solution works on the basis of these developments — the co-founder declined to comment.

If the company’s developments turn out to be realizable, then the launch of such a rocket will be more than ten times cheaper than launching the current versions of space delivery vehicles. However, how much of the project’s unit economics are calculated and whether the process will be brought to fruition is now hanging in the balance.