1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC (European Innovation Council) Accelerator program is a pivotal funding initiative aimed at supporting innovative startups and small to medium-sized enterprises (SMEs) in Europe. It focuses particularly on deep tech ventures that possess high growth potential and are aligned with the European Union's strategic objectives. The program provides a combination of grants and equity investments, facilitating the transition from research to market-ready solutions.
Funding Structure
The EIC Accelerator offers a blended finance model, which combines grant funding and equity investments. Under this program, companies can receive up to €2.5 million in grants to support the development of their innovations. Additionally, the equity component allows for investments of up to €15 million until 2024. Starting in 2025, the maximum equity investment will be capped at €10 million. This structure not only provides financial support but also encourages companies to leverage private sector investment, thereby increasing their chances of success in scaling their operations.
Purpose in the European Ecosystem
The EIC Accelerator serves a critical role in the European deep tech and startup ecosystem. By providing financial resources, mentorship, and networking opportunities, the program aims to foster innovation that addresses complex societal challenges while enhancing Europe’s competitiveness on a global scale. It supports companies in overcoming the "valley of death"—the challenging period between early-stage development and market entry—by connecting them with private investors and facilitating partnerships that can expedite growth.
Role in Scaling and Funding
The EIC Accelerator not only provides direct funding but also plays a vital role in helping companies scale by offering access to a network of investors, industry experts, and business networks. This support is crucial for startups to navigate the complexities of market entry, refine their business models, and secure additional private funding. The program's emphasis on deep tech solutions positions it as an enabler of innovation that contributes to sustainable economic growth within Europe.
Aurora Propulsion Technologies Oy and the Aurora Plasma Brake (APB)
Company Overview
Aurora Propulsion Technologies Oy, a Finnish startup, is an EIC Accelerator winner recognized for its innovative approach to sustainable space access. The company specializes in developing advanced technologies aimed at addressing critical challenges in space operations.
Project Overview: Aurora Plasma Brake (APB)
The Aurora Plasma Brake (APB) project focuses on deorbiting and collision avoidance technologies, which are essential for maintaining the sustainability of space activities. The project aims to create a scalable solution that enhances the safety and efficiency of satellite operations, particularly in an era where space debris poses significant risks to both operational satellites and future missions.
Technology Basics and Background
The technology underpinning the Aurora Plasma Brake involves innovative propulsion methods that utilize plasma to create drag in the Earth's atmosphere. This method is particularly advantageous for deorbiting satellites in a controlled and efficient manner. Traditional methods often rely on chemical propulsion, which can be less efficient and environmentally harmful. In contrast, the APB technology leverages the ionization of gases to produce thrust, allowing for precise control over the deorbiting process.
By utilizing plasma technology, Aurora Propulsion aims to significantly reduce the time and costs associated with safely deorbiting satellites. This innovation not only addresses the growing concern of space debris but also opens up new avenues for sustainable space exploration and satellite deployment.
Significance of the APB Project
The Aurora Plasma Brake project represents a crucial step toward sustainable space practices. As the number of satellites in orbit continues to increase, the need for effective collision avoidance and deorbiting solutions becomes more pressing. The APB technology could help mitigate the risks associated with space debris, ultimately contributing to a safer environment for all space operations.
In summary, the EIC Accelerator program is a vital mechanism for fostering innovation within Europe, providing essential funding and support to companies like Aurora Propulsion Technologies Oy. The Aurora Plasma Brake project exemplifies how advanced technology can address critical challenges in the space sector, paving the way for sustainable practices and the continued expansion of the space economy.
2 The Funding Rounds
Aurora Propulsion Technologies Oy: Financing and Funding Overview Since EIC Accelerator Win
Aurora Propulsion Technologies Oy is a Finnish space propulsion company specializing in innovative solutions for satellite maneuvering and deorbiting. Since applying for the EIC Accelerator on October 5, 2022—and subsequently winning funding—the company has achieved significant milestones in financing, investor engagement, and business development.
Financing Raised
- EIC Accelerator Funding (2022/2023):
- Aurora was awarded a total of €2.4 million as a non-dilutive grant by the European Innovation Council (EIC) to further develop its Plasma Brake deorbiting technology.
- In addition to this grant, Aurora is eligible for up to €5 million in equity investment from the EIC Fund as part of a blended finance arrangement. This equity component can be accessed midway through the two-year grant period and is intended to support demonstration flights and growth initiatives.
- Seed Round (September 2021):
- The company closed a seed round raising €1.7 million.
- The round was led by Practica Capital with participation from TESI (Finnish Industry Investment Ltd.), The Flying Object (Kluz Ventures), and several strategic angel investors.
Funding Rounds: Timing & Amounts
| Date | Round Type | Amount Raised | Investors |
|---|---|---|---|
| Sep 2021 | Seed | €1.7M | Practica Capital (lead), TESI, The Flying Object |
| Oct/Dec 2022 | EIC Grant | €2.4M | European Innovation Council |
| Mid-Grant | EIC Equity Option | Up to €5M | EIC Fund |
The equity portion from the EIC Fund becomes available during or after mid-grant phase; it also serves as a core element for an upcoming Series A round targeted for 2024.
Investor Information
- Practica Capital: Lead investor in seed round; focused on early-stage technology investments.
- TESI: Finnish government-backed investment firm supporting growth companies.
- The Flying Object: Sector-focused fund within Kluz Ventures targeting aerospace innovations.
- European Innovation Council & EIC Fund: Provided both non-dilutive grants (€2.4M) and potential equity investment up to €5M.
Additional Details Related to Funding Rounds
- The combined structure of the EIC award includes both grant-first funding for immediate R&D needs and follow-on equity designed specifically for scaling commercialization efforts—especially relevant as Aurora plans its Series A funding round around this capital injection slated for mid-to-late 2024.
- Strategic partnerships with SatRevolution and Rocket Labs have supported efficient use of resources through shared engineering expertise during recent development phases.
Valuation Data
No explicit post-money valuation figures are publicly disclosed following these rounds.
However: - With over €6 million raised between seed capital, grants, and pending equity opportunities since late 2021—and considering its advanced traction with institutional EU funds—Aurora likely holds an above-average valuation among Nordic space tech startups at similar stages.
Exit Events: IPOs, Buyouts & Acquisitions
As of May 1st, 2025:
Summary Table: Major Financial Milestones since October 5th Cut-off Submission
| Year | Event/Funding Type | Amount |
|---|---|---|
| Sep 2021 | Seed Round | €1.7M |
| Dec/May '22/'23 | EIC Grant | €2.4M |
| Est'd H2 '23–'24 | Planned Series A/EU Equity Up to€5M |
</em>Before submission but foundational pre-EU acceleration growth; essential context per current capitalization status.
No exit events have occurred, nor has valuation data been made explicitly public post-funding rounds.
Sources
- EIC Accelerator Winners List – Oct ’22
- DevelopmentAid Company Profile
- French Tech Startup Map – Investors Data
- SpaceQuip News – May ’23 Press Release
- Strata.team – October ’22 Cutoff Statistics
3 The Press Releases
Aurora Propulsion Technologies Oy, a Finnish space propulsion company founded in 2018, has made significant advancements and developments since receiving the European Innovation Council (EIC) Accelerator funding following their October 5, 2022 submission and subsequent Step 3 interview success.Key Updates and Developments
EIC Accelerator Funding
- In 2023, Aurora Propulsion Technologies was awarded €2.4 million in non-dilutive grant funding from the EIC Accelerator program to advance the development and commercialization of their Aurora Plasma Brake (APB) technology.
- The APB is a patented zero-propellant microtether system designed for rapid and safe deorbiting of small satellites (SmallSats), addressing space debris challenges by enabling end-of-life satellite disposal.
- Alongside the grant component, they have access to an additional equity investment option up to €5 million as part of the blended finance package from EIC. This equity investment is planned as part of their upcoming Series A funding round in 2024 aimed at accelerating growth, supporting key hires, product development completion, and in-orbit demonstrations.
Technology Advancements
- Aurora’s flagship product includes water-based resistojet thrusters named ARM modules that simplify deployment of propulsion systems on small satellites. These are complemented by APB modules which provide collision avoidance capabilities as well as deorbiting functions.
- They developed AuroraSat-1: a 1.5U CubeSat integrated with ARM thruster and plasma brake payloads within six months through partnerships with SatRevolution for integration and Rocket Lab’s Electron rocket for launch into Low Earth Orbit in early 2022.
Partnerships
- Collaboration with SatRevolution enabled rapid integration of their spacecraft payloads.
- Rocket Lab provided launch services using its Electron rocket platform to deploy AuroraSat-1 into orbit.
Team Updates
The core team remains led by co-founders:
- Perttu Yli-Opas (CEO)
- Roope Takala (Chairman)
No major public changes in leadership or team structure have been reported since winning EIC funding.
Strategic Focus
Aurora Propulsion aims at enabling sustainable use of space through scalable propulsion solutions targeting satellites weighing between 1 kg to 500 kg. Their technologies support not only propulsion but also attitude control, collision avoidance, along with compliant end-of-life deorbiting aligned with emerging regulatory frameworks on space sustainability.
They emphasize cost-effectiveness for large-scale production suitable for new entrants into the growing New Space industry preparing for over 3,500 satellite launches projected by 2027.
Public Communications & Media
Aurora’s official website features detailed information about their mission statement, team bios, technological innovations like AuroraSat CubeSat projects including ARM thruster systems and plasma brakes but does not show frequent press releases or blog posts beyond announcements related to EIC funding acceptance announced publicly around May 2023. Their social media presence similarly highlights these milestones without frequent updates on further developments.
Summary
Since securing EIC Accelerator funding after October 2022:
- Aurora Propulsion has received substantial financial backing (€2.4M grant + potential €5M equity) focused on completing product development of its Plasma Brake technology.
- They validated early-stage technologies via CubeSat missions launched successfully into orbit.
- The company leverages strategic partnerships with SatRevolution and Rocket Lab.
These achievements position them strongly towards commercializing sustainable satellite propulsion solutions critical for mitigating orbital debris issues while supporting expansion plans via upcoming investment rounds.
Sources
About - Aurora Propulsion Technologies Development Aid - Aurora Propulsion Technologies Oy EIC Accelerator October Cut-off Document Aurora Funded by European Innovation Council - Spacequip CORDIS Project Description - Deorbiting & Collision Avoidance Tech4 The Technology Advancements
Aurora Propulsion Technologies Oy: Post-EIC Accelerator Progress and CapabilitiesCurrent Capabilities
Aurora Propulsion Technologies specializes in sustainable space mobility solutions for CubeSats and SmallSats, including collision avoidance systems, deorbiting technologies, and deep-space propulsion. Their product portfolio features the Plasma Brake, a drag-enhancing device for rapid deorbiting, and Resistojet Thrusters, which use water-based or xenon propulsion for precision maneuvers. The company’s lightweight ionospheric plasma thrusters aim to enable long-duration missions and support in-space navigation.
Advancements Since EIC Accelerator Funding (October 2022)
In May 2023, Aurora secured €2.4M in non-dilutive EIC funding to commercialize its Plasma Brake technology, with an additional €5M equity component available later. This accelerated product development, including:
- STRIDER Mission: Launched in July 2023, this 12U CubeSat tested the MEPE multi-modal thruster unit, combining four Resistojet Thrusters (xenon-propelled) with an Aliena Hall-effect thruster.
- Plasma Brake Commercialization: Focused on scaling production for end-of-life satellite deorbiting compliance under emerging space sustainability regulations.
Market Demonstrations
- AuroraSat-1: A 1.5U CubeSat launched in early 2022 via Rocket Lab’s Electron rocket demonstrated ARM-A thrusters and Plasma Brakes. The mission validated rapid payload integration (six months from design to launch).
- STRIDER Mission: Active since mid-2023, it serves as an in-orbit testbed for hybrid propulsion systems applicable to future commercial lunar or asteroid missions.
Intellectual Property & Publications
While no new patents are explicitly cited post-EIC funding, Aurora released a Space Sustainability Whitepaper in 2024 outlining debris mitigation strategies tied to its Plasma Brake technology. Collaboration with ESA BIC Finland and participation in the EIC Accelerator suggest ongoing R&D partnerships likely involving proprietary advancements.
Sources
Aurora Propulsion Technologies: Home Aurora Successfully Launched First Sustainable Propulsion Tech Demonstration Aurora Propulsion Technologies Funded by European Innovation Council About - Aurora Propulsion Technologies5 The Partnerships and Customers
Aurora Propulsion Technologies Oy: Partnerships and Advancements
Aurora Propulsion Technologies Oy, a Finnish space propulsion systems company, has been making significant strides since receiving the European Innovation Council (EIC) Accelerator funding in October 2022. This funding has positioned the company for further growth and technological development.
Partnerships and Customers
- SpeQtral Partnership: Aurora Propulsion Technologies has partnered with SpeQtral, a quantum communications technology company, to deliver a Plasma Brake for SpeQtral's Quantum Key Distribution satellite. This partnership aims to ensure sustainable and compliant deorbiting at the end of the satellite's mission.
- Industry Partners: Aurora collaborates with leading companies and institutions in the space sector, contributing to the development of innovative propulsion solutions for satellites.
New Partners and Customers
Nature of New Relationships
The partnership with SpeQtral is centered on delivering advanced deorbiting technology, enhancing space sustainability by ensuring safe and environmentally compliant disposal of satellites. This collaboration highlights Aurora's commitment to sustainable space practices.
Positioning in the Market
These partnerships and technological advancements position Aurora Propulsion Technologies as a leader in sustainable space technologies. By offering innovative solutions like the Plasma Brake, the company is poised to play a significant role in reducing space debris and promoting eco-friendly practices in the satellite industry.
Technology Advancements and Scaling
- Plasma Brake Technology: The EIC funding has supported the development of the Plasma Brake, a critical technology for sustainable deorbiting. This innovation allows satellites to be safely returned to the atmosphere at the end of their life cycle, minimizing space debris.
- Scaling: The grant and potential equity funding will enable Aurora to accelerate its growth, invest in key hires, and conduct in-orbit demonstration flights. This will be pivotal in scaling up the company's operations and further establishing its presence in the global space industry.
Conclusion
Aurora Propulsion Technologies Oy's partnerships and advancements are driven by its mission to make space activities more sustainable and efficient. Through collaborations with companies like SpeQtral and support from the EIC, Aurora is set to enhance its technological offerings and expand its market presence.
Sources: - Partners - Aurora Propulsion Technologies
- Aurora Signs Deal to Deliver a Plasma Brake to SpeQtral’s Quantum Key Distribution satellite
- Aurora Propulsion Technologies: Home
- Aurora Propulsion Technologies Oy Asset Profile
- Aurora Propulsion Technologies Oy - Development Aid
- Aurora Propulsion Technologies Funded by European Innovation Council
- About - Aurora Propulsion Technologies
6 The Hiring and Company Growth
Aurora Propulsion Technologies Oy: Team Growth and Expansion Post-EIC AcceleratorAurora Propulsion Technologies, a Finnish aerospace company specializing in satellite propulsion and deorbiting systems, has demonstrated steady growth since its 2018 founding. The company’s acceptance into the European Innovation Council (EIC) Accelerator 2022 program marked a significant milestone, enabling further technological development and scaling efforts.
Hiring and Team Growth
While precise current headcount figures are not publicly disclosed, Aurora reported 11–50 employees in 2024 across its Finland-based operations. Earlier growth trends indicate rapid expansion: by November 2019, the team had grown to 18 employees, positioning it as Northern Europe’s largest rocket engine company at the time. Post-EIC funding likely supported additional hires to advance deep-space mission capabilities, though specific numbers remain unconfirmed.Recent Hiring Focus
Key positions emphasized in Aurora’s strategy include roles tied to propulsion R&D, satellite system integration, and mission operations. Collaboration with New Space partners like SatRevolution and Rocket Lab suggests hiring in technical domains such as CubeSat payload development and launch coordination. The EIC Accelerator funding typically facilitates scaling through strategic hires in engineering, project management, and business development.Management Stability
The founding team remains intact:- Perttu Yli-Opas: Co-founder & CEO
- Roope Takala: Co-founder & Chairman (formerly of Nokia’s space program)
- No major management changes have been reported post-EIC award.
Strategic Impact of Team Growth
New hires enable Aurora to accelerate product deployment for small satellites while advancing interplanetary mission technologies like solar electric sails. The EIC funding supports transitioning from prototyping (e.g., the Aurorasat-1 CubeSat launched in 2022) to commercializing propulsion-as-a-service models for lunar and deep-space applications.Sources
- Aurora Propulsion Technologies - About
- ESA BIC Finland Feature on Aurora
- CB Insights Profile
- Development Aid Profile
7 The Media Features and Publications
Aurora Propulsion Technologies Oy: Media Presence and Public Engagements Since EIC Accelerator FundingAurora Propulsion Technologies Oy, a Finnish deep-tech company specializing in satellite propulsion and deorbiting systems, has maintained an active public profile since its EIC Accelerator win in October 2022. Below is a synthesis of its media features, publications, podcasts, and event participation.
Media Features & Publications
- Forbes 30 Under 30 Recognition: CEO Perttu Yli-Opas was named one of Europe’s top innovators in the Industry & Manufacturing category.
- Space Junk Removal Coverage: TechCrunch highlighted Aurora’s Plasma Brake technology for small satellites, including details about its Rocket Lab Electron launch partnership.
- Quantum Communications Partnership: Arctic Today reported Aurora’s deal with SpeQtral to deploy a Plasma Brake on a quantum key distribution satellite for sustainable deorbiting.
Podcasts & Interviews
While no direct podcasts featuring Aurora’s team were found in the provided sources, CEO Perttu Yli-Opas has been quoted extensively regarding partnerships (e.g., SpeQtral collaboration) and the company’s compliance-driven deorbiting solutions.Conferences & Events
- Investor Relations: Tesi (Finnish Industry Investment Ltd.) lists Aurora as a portfolio company with Samppa Sirviö as manager since 2021, though specific conferences attended post-EIC funding are not detailed.
- Technology Demonstrations: Aurora’s CubeSat “TunaCan” Plasma Brake has been emphasized at industry-level discussions for its plug-and-play compliance with space debris regulations.
Key Milestones Post-EIC Accelerator Fundraising
Aurora continues to focus on scalable propulsion systems for spacecraft up to 1,000 kg while advancing partnerships with operators like SpeQtral. Its $483 million capital raise mentioned in search results refers to Aurora Innovation (a separate U.S.-based autonomous vehicle company)[†], but no equivalent funding announcements were found explicitly for Aurora Propulsion Technologies Oy within the provided data.Sources Used:
- Forbes 30 Under 30 Recognizes Perttu Yli-Opas
- TechCrunch Coverage on Space Junk Removal
- Arctic Today: SpeQtral Collaboration
- Tesi Portfolio Listing
† Clarification: Some search results conflate "Aurora Innovation" (U.S.-based) with "Aurora Propulsion Technologies" (Finland-based). Only Finland-based activities are included here.*
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