Helicity Space, a small startup developing fusion space propulsion and power technology, on Tuesday said it has received an investment from Lockheed Martin Ventures that will be used to advance the company’s technology.
The size of the investment was not disclosed, although Lockheed Martin Ventures typically invests between $1 million and $5 million as an initial investment. Lockheed Martin Ventures is the venture arm of Lockheed Martin
[LMT].
“The investment from Lockheed Martin Ventures marks a pivotal moment for Helicity Space in our mission to revolutionize space transportation,” Setthivoine You, the company’s co-founder and chief scientist, said in a statement. “It is a testament to the real progress we are making each day in the laboratory.”
Helicity is based in Pasadena, Calif., and had eight employees. The company is also collaborating with Caltech and the Univ. of Maryland to develop some of the technology. The company said it will also work with Lockheed Martin’s researchers and engineers, adding to its resources to further advance its proprietary technology.
Helicity is developing fusion propulsion-based Helicity Drive for in-space applications that are scalable from cislunar to interstellar missions, high-powered, fit in current launch vehicles, are reusable, and do not require radioactive fuel.
Chris Moran, the head of Lockheed Martin Ventures, said in a statement that the Helicity’s “fusion space propulsion and power technology has the potential to support future deep space missions and support our customers’ mission success.”
The Lockheed Martin investment follows a recent $5 million seed round in Helicity that included Airbus Ventures, TRE Ventures, Voyager Space Holdings, E2MC Space, Urania Ventures, and Gaingels.