Aetherflux secures $50M funding for Space Solar Power project

Aetherflux, a space solar power startup founded by Baiju Bhatt, co-founder of Robinhood, recently announced a successful $50 million Series A funding round. This funding was led by Index Ventures and Interlagos, with participation from Breakthrough Energy Ventures, Andreessen Horowitz, NEA, and other notable investors, including Dan Gallagher, the former SEC commissioner, and Robinhood co-founder Vlad Tenev, among others. With this round, the total capital raised by Aetherflux amounts to $60 million, including an initial $10 million investment by Bhatt.

Having emerged from stealth mode in October of the previous year, Aetherflux is focused on developing a space-based power grid using satellites in Low-Earth Orbit (LEO) to transmit energy to remote locations on Earth. Bhatt shared insights during an episode of the On Orbit podcast with Via Satellite in December, discussing his transition from Robinhood to founding a space-oriented company and the potential applications of space solar power.

Aetherflux recently achieved successful power transmission tests in its laboratory, prompting the U.S. Department of Defense’s Operational Energy Capability Improvement Fund (OECIF) to pledge funding for a proof of concept demonstrating power transmission from LEO in fiscal year 2025. The company is set to conduct its Mission 1 power beaming demonstration to LEO by 2026, emphasizing the defense applications of this technology. Aetherflux envisions the ability to provide Army and Navy forces with reliable distributed power sources, reducing the need for fuel convoys and fixed infrastructure, particularly in remote or sensitive regions like the Indo-Pacific. By delivering energy consistently day or night, Aetherflux aims to enhance the resilience of military operations, safeguard assets, and support the Department of Defense’s long-term energy modernization goals while optimizing cost savings for taxpayers.

In conclusion, Aetherflux’s innovative approach to space solar power holds significant promise for transforming the way energy is harnessed and delivered, particularly in challenging and remote environments. The company’s strategic advancements and partnerships underscore its commitment to driving advancements in space-based power solutions and strengthening operational resilience for military forces.