Magdrive develops advanced electric propulsion thrusters that use metal propellant and internal energy to produce high-energy plasma, yielding higher thrust than similar-sized electric systems. Their compact thrusters target satellite servicing, in-space transportation, and deep-space exploration. The company launched its first mission in January 2023 and is preparing an in-orbit test of the Magdrive Rogue thruster with D-Orbit scheduled for June 2025. Magdrive is also developing a SuperMagdrive thruster designed to be refuelled with metal found in space to enable sustainable deep-space missions. The $10.5M seed funding will support continued R&D, construction of a UK manufacturing facility, and establishment of a US office. CEO Mark Stokes and investors characterize the technology as enabling improved manoeuvrability, longevity, and new capabilities for mega-constellations, asteroid mining, and in-space servicing. Magdrive is developing a next-generation plasma propulsion system for small satellites that the company says delivers both high thrust and high efficiency, a claimed generational leap over existing electric thrusters. The engine is intended to enable fast interplanetary travel, operations in very low Earth orbit, repeated fast maneuvers, and make orbital manufacturing more feasible. Co-founders Dr Thomas Clayson (a plasma physicist) and Mark Stokes (a mechanical engineer from Imperial College London) built an initial small-scale thruster prototype. Magdrive is based at the European Space Agency Business Incubation Centre in Harwell, Oxford. The startup faces competitors working on electric and miniaturized thrusters—Busek, Exotrail, Apollo Fusion, Enpulsion and NanoAvionics—while large aerospace firms continue to improve chemical propulsion. The company plans to scale the technology to power larger, potentially manned spacecraft for destinations such as the Moon and Mars. Magdrive recently closed seed funding to advance development and commercialization.

Total raised

$12M

Funding rounds

2

Latest round

Seed

Latest activity

Feb 2025