Latvian startup Deep Space Energy has secured €930,000 in pre-seed funding to develop technology for generating electricity on the moon, the company announced this week. The funding round, which brings the total investment to €1.28 million, was led by investors including the Latvian venture capital firm Expansion Capital, according to a press release reported by Electronics For You BUSINESS.
The company intends to use the funds to continue developing its proprietary technology, which aims to provide a sustainable power source for future lunar missions. Deep Space Energy initially secured €350,000 in investment in 2023, as reported by Labs of Latvia, and has now significantly increased its funding base. The latest round included participation from investors in both Latvia, and internationally.
The startup’s technology focuses on addressing the critical need for reliable and sustainable power on the moon, a key enabler for long-term lunar exploration and potential resource utilization. Currently, lunar missions rely heavily on solar power and radioisotope thermoelectric generators (RTGs), but these solutions have limitations. Solar power is intermittent due to the lunar night, which lasts approximately 14 Earth days, while RTGs utilize radioactive materials.
According to SiliconANGLE, the company is not disclosing the specifics of its electricity generation technology at this time. But, Deep Space Energy’s stated goal is to offer a scalable and environmentally friendly alternative to existing power sources, supporting a growing number of planned lunar missions from both government space agencies and private companies.
The funding comes as interest in lunar exploration is rapidly increasing. Several countries and private companies have announced ambitious plans for lunar missions in the coming years, including establishing a permanent lunar base. The availability of a reliable and sustainable power source will be crucial for the success of these endeavors.
