14-05-2025
- Business
- Business News Wales
Innovation Investment Capital Backs Space Forge to Revolutionise Space Manufacturing
Innovation Investment Capital Limited Partnership (IIC), the Cardiff Capital Region (CCR) backed fund, has announced a Series A equity investment, alongside other international investors, in a pioneering in-space semiconductor manufacturing business.
Based in the Eastgate Business Park, Cardiff, Space Forge is pioneering a 'clean industrial revolution' by leveraging space as a manufacturing platform for next-generation super materials and advanced semiconductors.
With fully returnable satellites, Space Forge offers a scalable solution to manufacture and return materials that are difficult or impossible to produce on Earth. Space Forge, which also has operations in Florida, is leading the charge in advancing semiconductor markets and supporting sovereign technological and economic objectives.
With semiconductors a key growth sector in the CCR, Space Forge is considered a leader in the industry, transforming the production of advanced material for commercial use with higher efficiencies and power consumption key product USPs, both of which support the move toward customer and consumer net zero targets. This investment provides additional support for the development of these products along with improving on-earth and in-orbit manufacturing.
Josh Western, Space Forge CEO and Co-Founder, said:
'Innovation Investment Capital's support is a testament to the exciting possibilities our work holds. This investment will accelerate our product development and keep us at the forefront of the sector's developments. Together, we are pushing the boundaries of what's possible and paving the way for a new industrial revolution in space.'
IIC was launched in November 2022 with an initial £50 million from UK Government funds and Cardiff Capital Region (CCR) to provide long-term capital for innovative and sustainable growth opportunities across CCR's ten unitary authorities. Capricorn Fund Managers (CFM) serves as the Alternative Investment Fund Manager (AIFM), overseeing portfolio and risk management, with PwC advising on investment research and sourcing.
The Space Forge investment marks IIC's fourth deal and follows investments in Transcend (Ystrad Mynach-based sustainable packaging company), AMPLYFI (Cardiff-based generative AI business) and Mazuma (tech-enabled accountancy platform in Bridgend).
Cllr Huw Thomas, Leader of Cardiff Council and Deputy Chair of Cardiff Capital Region, said:
'CCR is proud to help fund Space Forge's next steps in on-earth and in-orbit advanced manufacturing. Their trailblazing approach in the space industry is gaining interest and investment in a highly competitive tech sector and it's very encouraging to see a local pioneering company on a global stage.'
'We are thrilled to be supporting the fund as it works with Space Forge at this pivotal stage in their journey,' said Rob Asplin, PwC Partner.
'Their approach to leveraging the unique properties of space holds potential for advancements across industries such as telecommunications, pharmaceuticals and advanced materials. This aligns with the fund's vision of driving innovation within the CCR region.'
Lynda Stoelker, Capricorn Fund Managers' COO and Chair of the IIC Investment Committee, said:
'Space Forge is a pivotal player in the space industry and we're proud to be part of their Cardiff growth story. The team's vision and technology align with Innovation Investment Capital's mission to back transformative solutions that open new markets and drive sustainability.'
For Innovation Investment Capital's investment, legal advice was provided by Hugh James.
