Argo Space Secures $7.9 Million in Funding for Development of Water-Fueled Transport Vessel

 

 

 

The American space startup, Argo Space Corporation, is revolutionizing space logistics by developing an interorbital transport vessel that uses water as fuel.

The company recently secured $7.9 million in funding, led by Crosslink Capital with participation from Stellar Ventures and Type One Ventures.

Additionally, last April, Argo raised $2 million in a pre-seed funding round and received $2 million in government grants through the Small Business Innovation Research (SBIR) initiative.

Argo Space Corporation's reason for using water as fuel is to utilize the Moon as a refueling station for space missions.

While most interorbital transport vessels are currently designed for operations around Earth's orbit, the growing focus on lunar development suggests that demand for space logistics between Earth, the Moon, and its vicinity will surge dramatically.

By using the Moon's ice as fuel, Argo aims to offer cost-effective space transportation services.

The company plans to initially launch its transport services in low Earth orbit and gradually expand its operational scope over time.

This new transportation system, leveraging lunar resources, could be a key to reducing the cost of space exploration and development, playing a crucial role in humanity's expansion into space.

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Argo Space Secures $7.9 Million in Funding for Development of Water-Fueled Transport Vessel