1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program is a flagship initiative of the European Innovation Council (EIC) designed to support small to medium-sized enterprises (SMEs) and startups in their quest for technological innovation. The program aims to foster the development and scaling of high-risk, high-potential innovations, particularly in the DeepTech sector. By providing financial and strategic support, the EIC Accelerator enhances the ability of companies to bring groundbreaking technologies to market, thus contributing to Europe's competitiveness and sustainability.

Funding Structure

The EIC Accelerator offers a unique funding model that comprises both grants and equity investments. The grant component can reach up to €2.5 million, which serves as non-dilutive funding, allowing companies to fund their projects without sacrificing ownership. This grant can be utilized for various purposes, including research and development, technology validation, and market entry strategies.

In addition to grants, the EIC Accelerator provides equity funding. Initially, this equity component was available up to €15 million until 2024, transitioning to a cap of €10 million from 2025 onward. This equity funding is intended to help companies attract additional investment from private sector sources, thereby enabling them to scale their operations effectively.

Purpose in the Ecosystem

The EIC Accelerator plays a critical role in the European startup ecosystem by addressing the funding gap that many innovative companies face, especially in the DeepTech domain. By combining grant and equity funding, the program alleviates the financial burden on startups, allowing them to focus on innovation rather than fundraising. Furthermore, the EIC Accelerator serves as a catalyst for private investment, encouraging venture capitalists and other investors to support companies backed by EIC funding, which is often seen as a stamp of credibility.

Company Spotlight: Magdrive Ltd and the Magdrive-Nano Project

Magdrive Ltd is a notable winner of the EIC Accelerator program, having successfully secured funding for its project, Magdrive-Nano. The project focuses on developing next-generation electric plasma propulsion systems tailored for the burgeoning space industry. The submission for the Step 2 proposal was made on October 6, 2021, and the company advanced to the Step 3 interview, ultimately winning the funding.

Technology Overview

The Magdrive-Nano project leverages advanced plasma propulsion technology, which is a significant innovation in the aerospace sector. Traditional propulsion systems, such as chemical rockets, are limited by their efficiency, thrust-to-weight ratio, and reliance on finite fuel sources. In contrast, Magdrive's electric plasma propulsion system utilizes electromagnetic fields to accelerate ionized gases (plasma), resulting in a highly efficient propulsion mechanism.

The technology operates on the principle of ionizing a propellant, typically a noble gas, and then using magnetic fields to direct and accelerate the resulting plasma. This method offers several advantages over conventional propulsion systems:

Conclusion

The EIC Accelerator program is instrumental in nurturing innovative companies like Magdrive Ltd, offering the necessary funding and support to transform ambitious projects into viable market solutions. The Magdrive-Nano project exemplifies the potential of electric plasma propulsion technology to revolutionize space travel, highlighting the importance of strategic funding in fostering groundbreaking advancements within the European DeepTech landscape.

2 The Funding Rounds

Magdrive Ltd: Financing and Funding Events Since EIC Accelerator Success

Financing Raised

Magdrive Ltd, a UK-based space propulsion startup, has raised significant capital since its EIC Accelerator win in October 2021. The company’s total funding now stands at approximately $22.5 million as of February 2025. This sum includes:

• A $10.5 million seed funding round closed in February 2025
• A pre-seed round of $2 million in 2020
• Over $10 million received from government grants (including the UK government, UK Space Agency, and European Space Agency)

Funding Rounds: Timing, Amounts & Investors

Pre-Seed Round (2020)

• Date: 2020
• Amount: $2 million
• Investors: Founders Fund led the round; further details not specified

Seed Round (February 25, 2025)

• Date: February 25, 2025
• Amount: $10.5 million
• Lead Investor: Redalpine (pan-European VC)
• Other Participants: Founders Fund (also involved in previous rounds), Balerion Space Ventures, Alumni Ventures, Outsized Ventures, Entrepreneur First, and 7percent

Government Grants (~2019–2024)

Magdrive has secured over $10 million from various public sources:

• UK Government
• UK Space Agency
• European Space Agency

These grants have supported both research & development as well as business expansion.

Use of Funds

Proceeds from the most recent seed round are being used to: - Advance R&D for high-thrust electric propulsion systems for satellites and spacecraft.

• Build a manufacturing facility in the United Kingdom.
• Establish a US office to support international expansion.

Company Valuations

Public sources do not disclose specific company valuations attached to these rounds or subsequent implied post-money valuations. However, based on typical market multiples for deep-tech space startups and the size/quality of investors involved at each stage—especially with reputable VCs like Redalpine and Founders Fund leading—it is likely that Magdrive’s valuation increased substantially after its latest seed raise.

Exit Events: IPOs or Acquisitions

As of April 24th, 2025: There is no public record or announcement indicating that Magdrive has undergone an exit event such as an initial public offering (IPO), buyout by another company or corporate acquisition. The company remains privately held with continued focus on scaling operations and technology deployment.

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Summary Table: Major Magdrive Funding Events Since EIC Accelerator Win

Date	Round	Amount	Lead Investor(s)	Other Investors
Dec. 17/20	Pre-seed	$2M	Founders Fund	Not specified
Feb. 25/25	Seed	$10.5M	Redalpine	Balerion Space Ventures; Alumni Ventures; Outsized Ventures; Entrepreneur First; Founders Fund; 7percent
~2019–24	Grants/Public	>$10M	-	UK Gov’t., ESA

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Additional Notes on Investors

Key institutional investors include: Redalpine: Lead investor for latest seed round
Founders Fund: Participated since pre-seed
Balerion, Alumni Ventures, Outsized Ventures, Entrepreneur First, 7percent: Contributed to later rounds
Government support via grants from major agencies continues to underpin technical progress.

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Exit Activity Status

No IPOs or acquisitions have been reported up through April 24th of 2025.

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Sources: - Space propulsion startup Magdrive raises $10.5m seed funding

• Spacetech Magdrive secures \$10.5M for sustainable space exploration
• Magdrive Propels US Expansion With \$10.5M Seed Round
• Redalpine, Founders Fund back Magdrives electric thruster business
• CB Insights Company Profile – MagDrive Financial Data

3 The Press Releases

Magdrive Ltd: Advancements in Space Propulsion Post-EIC Accelerator Funding Since securing EIC Accelerator funding in October 2021, UK-based Magdrive has emerged as a leader in next-generation electric propulsion systems for spacecraft. The company, headquartered at Harwell Campus and founded by CEO Mark Stokes and CTO Dr. Thomas Clayson, focuses on high-thrust plasma thrusters designed to enable sustainable space exploration and infrastructure development.

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Technology Advancements

Magdrive’s flagship Rogue thruster, with a maximum thrust of 30 mN and total impulse of 3 kNs, is scheduled for its first in-space demonstration in June 2025 aboard D-Orbit’s ION mission. Its successor, the Warlock, targets higher performance (100 mN thrust) for launch by 2026. Both systems use solid metal propellant—potentially sourced from recycled space debris—offering scalability and sustainability advantages over traditional chemical or Hall-effect thrusters.

The proprietary technology uniquely balances high specific impulse with compact design, enabling efficient orbital maneuvers for satellites and large-scale infrastructure like space-based solar power (SBSP) platforms.

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Partnerships & Collaborations

• Space Solar: A March 2025 MoU established the Space Propulsion & Infrastructure Innovation Initiative (SPI³) to integrate Magdrive’s propulsion into SBSP systems for orbit-raising, assembly, and maintenance of megawatt-scale solar satellites.
• D-Orbit: Delivered flight-ready Rogue thrusters for a June 2025 demonstration mission focused on satellite constellation mobility.
• Orbit Fab: Collaborating on in-space refueling solutions to extend thruster lifespans using recycled materials.

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Funding & Expansion

In February 2025, Magdrive raised $10.5 million in seed funding led by Redalpine to accelerate R&D, establish a UK manufacturing facility, and open a US office in Los Angeles. Previous backing includes Founders Fund ($2 million pre-seed) and over $10 million from UK/ESA grants since its founding in 2019.

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Strategic Vision

Magdrive aims to support emerging industries such as asteroid mining, interplanetary travel, and large-scale satellite servicing. Long-term goals include scaling its thruster systems to washing-machine-sized “Super Magdrive” units for deep-space applications while leveraging metal propellant refueling via orbital recycling or extraterrestrial resources[⁶][⁸].

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Sources

• Next-generation spacecraft propulsion [MagDrive]
• News — MagDrive [Collaborations/Demos]
• Space Solar-MagDrive Partnership [SBSP Initiative]
• $10.5M Seed Funding Announcement [Financial Backing]

+ Additional sources cited above: Harwell Campus funding report (Link), Payload interview (Link).

4 The Technology Advancements

Magdrive Ltd - Current Capabilities and Advancements

Magdrive Ltd, a UK-based company, has been at the forefront of developing advanced electric propulsion systems for satellites and spacecraft. Founded in 2019, the company has made significant strides in enhancing space travel efficiency and sustainability.

Current Capabilities

Magdrive's propulsion systems use solid metal as propellant, which can be sourced and refueled from recycled 'space junk' or other in-space sources, making it a sustainable option for deep space missions. Their thrusters generate high-energy plasma, offering significantly higher thrust levels than similar-sized electric propulsion systems. This technology enables new capabilities in satellite servicing, orbital assembly, and stochastic movement to make defense satellites untraceable.

Advancements Since 2021

Since receiving funding from various sources, including the European Space Agency (ESA) and UK government grants, Magdrive has launched its first prototype in January 2023 with space-qualified hardware on board a third-party satellite. They are preparing for the first in-space tests of their Magdrive Rogue thruster, scheduled for launch in June 2025 in collaboration with D-Orbit.

Magdrive has also secured a $10.5 million seed funding round in February 2025, which will be used to continue research and development, build a manufacturing facility in the UK, and establish a US office. This funding supports their long-term goals of scaling up propulsion systems for in-space servicing, constellation management, and interplanetary travel.

Technology Improvements and New Features

Magdrive's latest advancements include the development of the SuperMagdrive thruster, which can be refueled with metal found in space, enabling sustainable deep-space missions. Their innovative use of metal propellant allows for repeated maneuvering without contributing to space debris, providing a sustainable model for space exploration.

Market Demonstrations

While Magdrive has not yet conducted extensive customer trials, they are preparing for an in-orbit demonstration of their Magdrive Rogue propulsion system with D-Orbit. This demonstration aims to provide a high-thrust and high-efficiency solution for the rapidly growing satellite constellations market.

Patents and Scientific Studies

There is no specific information about new patents or scientific studies published by Magdrive since receiving the EIC Accelerator funding. However, the company continues to innovate in space propulsion technology.

Sources

• Magdrive
• Magdrive | Space Operations Summit - Defence IQ
• Spacetech Magdrive secures $10.5M for sustainable space exploration
• Super Magdrive rocket thrusters run on heavy metal - New Atlas
• Space propulsion startup Magdrive raises $10.5m seed funding to enable a new era of sustainable space exploration
• Magdrive Raises $10.5M to Advance Satellite Propulsion Systems
• Company Spotlight: Magdrive - Satellite Applications Catapult
• Magdrive Raises $10.5M to Revolutionize Space Travel - AInvest

5 The Partnerships and Customers

Magdrive Ltd: Partnerships and Developments

Magdrive Ltd, a UK-based company specializing in advanced space propulsion systems, has been actively developing its technology and expanding its partnerships since receiving the EIC Accelerator funding in October 2021. Here’s an overview of the company’s recent developments and partnerships:

Partnerships and Customers

Magdrive has collaborated with several key entities to advance its mission in space propulsion:

• Space Solar: Magdrive recently partnered with Space Solar to enhance in-orbit solar power systems, aligning with their shared vision of sustainable space operations.
• D-Orbit: Magdrive will conduct its first in-space test of the Magdrive Rogue thruster aboard D-Orbit’s ION Satellite Carrier in June 2025.
• Amazon Web Services (AWS): Magdrive was selected for AWS’s 2022 Space Accelerator program, providing access to significant computational resources for physics simulations.
• Redalpine, Balerion Space Ventures, Founders Fund: These investors supported Magdrive with $10.5 million in seed funding, enabling further development and expansion.

New Partnerships

While there is no specific mention of new partners beyond the recent collaborations, Magdrive’s focus on expanding into the U.S. market and establishing partnerships for scalable propulsion systems indicates a strategic approach to building new alliances.

New Customers

Magdrive’s technology is poised to serve the rapidly growing satellite constellations market, providing high-thrust and high-efficiency propulsion solutions. However, specific new customer names are not detailed in the available information.

Nature of New Relationships

Magdrive’s partnerships are focused on advancing sustainable space operations through efficient propulsion systems. These collaborations aim to enhance the company's position in the market by demonstrating the capability of its technology for diverse space missions, including satellite operations and future ambitions like asteroid mining.

Market Positioning

The partnerships and funding secured by Magdrive will enhance its market presence by positioning it as a leader in high-power electric propulsion systems. This technology offers significant improvements in thrust and efficiency, crucial for satellite maneuvers and long-range space missions.

Technology Advancements and Scaling

The relationships with industry partners and investors are critical for Magdrive's technology advancements. The funding supports the construction of a manufacturing facility in the UK and the establishment of a U.S. subsidiary, facilitating the scale-up of its propulsion systems for larger spacecraft. Additionally, collaborations like the one with Space Solar will help integrate Magdrive's technology into broader sustainable space initiatives.

Conclusion

Magdrive Ltd is leveraging its partnerships and funding to drive innovation in space propulsion, positioning itself for significant growth in the satellite and deep space exploration sectors.

Sources

• Magdrive
• Magdrive Secures $10.5M Seed Funding From Redalpine And Others
• Space Solar teams with MagDrive to boost in-orbit solar power systems
• UK startup to test tiny engine for (relatively) high-speed space maneuvers
• Magdrive Secures $10.5M to Advance High-Power Electric Propulsion
• Space propulsion startup Magdrive raises $10.5m seed funding

6 The Hiring and Company Growth

Magdrive Ltd: Team Growth and Development

Magdrive Ltd, a UK-based company specializing in advanced electric propulsion systems for spacecraft, has experienced significant growth since receiving funding support. Here's an overview of their team growth, hiring, and strategic developments:

Current Headcount and Team Size

The current headcount or exact team size of Magdrive Ltd is not publicly disclosed. However, the company has been expanding its operations, which includes building a manufacturing facility in the UK and establishing a US office.

Hiring and Recruitment

Magdrive is actively hiring. They are currently seeking a Marketing Manager to manage and execute company marketing communications, including developing marketing strategies and managing social media campaigns. This role highlights Magdrive's focus on enhancing its brand presence and outreach in the space industry.

Growth and Expansion

Since its inception in 2019, Magdrive has shown rapid growth, securing significant funding rounds. In 2020, they raised a pre-seed round of $2 million and have received over $10 million in government funding. Recently, they secured a $10.5 million seed funding round led by Redalpine in February 2025. This financial support is crucial for advancing their innovative propulsion systems and expanding their operations.

Key Positions and Growth Implications

The addition of new team members, such as the Marketing Manager, is crucial for enhancing Magdrive's visibility and strategic positioning within the space industry. These hires help scale the company's operations, supporting its mission to revolutionize spacecraft propulsion and enable sustainable space exploration. The establishment of a US office also signifies Magdrive's intent to expand its market reach and engage with key customers like the US Department of Defense.

Management and Founding Team

Magdrive was co-founded by Mark Stokes and Dr. Thomas Clayson. There are no reported major changes in the management or founding team. The leadership remains committed to transforming the spacecraft industry with innovative propulsion technologies.

In summary, Magdrive Ltd is expanding its team and operations, focusing on strategic hiring and growth to support its ambitious goals in the space propulsion sector.

Sources

• Magdrive
• Spacetech Magdrive secures $10.5M for sustainable space exploration
• Mark Stokes and Dr. Thomas Clayson - Beyond Exclamation
• Space propulsion startup Magdrive raises $10.5m seed funding
• Operations — Careers - Magdrive

7 The Media Features and Publications

Magdrive Ltd: A Pioneer in Sustainable Space Propulsion

Magdrive Ltd, a UK-based company, has been at the forefront of innovative space propulsion technology since its founding in 2019. The company's focus on sustainable space exploration has garnered significant attention and support, including funding from prestigious accelerators. Here's an overview of Magdrive's media features, publications, podcasts, and event participations:

Media Features and Publications

Magdrive has been featured in several prominent publications, including Forbes, which highlighted the company's ambitious plans to boost the space industry with its advanced propulsion systems. Startups Magazine covered Magdrive's $10.5 million seed funding round, emphasizing its innovative use of solid metal propellants for sustainable space travel. Additionally, The Telegraph interviewed the CEO, Mark, discussing the potential of using recycled space materials as fuel for thrusters.

Podcasts and Interviews

While there are no specific podcasts directly featuring Magdrive, the company's leadership has been involved in interviews with major publications. Notably, an interview with The Telegraph discussed groundbreaking innovations in using space junk as fuel.

Conference and Fair Visits

Magdrive actively participates in key space industry events. The company attended the Space-Comm Expo in London, one of the UK's largest space industry events. Additionally, Magdrive was an exhibitor at the 75th International Astronomical Congress (IAC) in Milan, where they announced a collaboration with Orbit Fab. Magdrive also participated in the Hyperspace Challenge, an accelerator program by the US Space Force, and joined the AWS Space Accelerator Program.

Events Involvement

Magdrive's involvement in events underscores its commitment to advancing space technology. The company graduated from the inaugural Airbus Space Accelerator, further solidifying its position in the industry. Moreover, Magdrive delivered flight models of its Rogue propulsion system to D-Orbit, marking a significant step towards in-orbit demonstrations.

Conference Presentations

Sundeep Patel from Magdrive Ltd has been scheduled to give a keynote speech at a conference focused on innovative propulsion systems, highlighting the company's expertise in electric propulsion technology.

Sources

• Magdrive
• News — Magdrive
• UK startup to test tiny engine for (relatively) high-speed space maneuvers
• Magdrive raises $10.5M seed to enable new era of sustainable space exploration
• UK spacecraft propulsion startup Magdrive announces MoU with Orbit Fab
• Company Spotlight: Magdrive - Satellite Applications Catapult
• Magdrive - Satellite Applications Catapult