The Exploration Company announced Monday it has raised $160 million to fuel development of its capsule that is designed to take astronauts and cargo to space stations.

The Exploration Company (TEC), a Franco-German startup aiming to rival SpaceX in reusable spacecraft, has secured $160 million in Series B funding. This The Exploration Company (TEC), a Franco-German startup aiming to rival SpaceX in reusable spacecraft,

The Exploration Company, the European rival of SpaceX, has achieved another milestone in funding to develop its space cargo capsule, Nyx. Government-backed funds from both Germany and France are among the major investors.