Galactic Energy Faces Setback with Ceres-1 Rocket Failure

Chinese commercial space firm Galactic Energy encountered a setback when its Ceres-1 rocket failed during a mission, preventing satellite deployment. The failure, due to an engine shutdown, is under investigation. The company, which has seen investor interest grow, is also in the process of preparing for an IPO.

Galactic Energy, a key player in China's commercial space industry, faced a significant challenge when its Ceres-1 rocket launch failed on Monday. This incident prevented the rocket from delivering its satellite payload to orbit, marking a rare setback for the company.

The rocket launched from the Jiuquan Satellite Launch Center in northwest China but suffered an unexpected engine shutdown nearly 10 minutes post-launch, Chinese state news agency Xinhua reported. The failure's cause is still under investigation, and the company is committed to improving its rocket design and management systems.

This failure comes as Galactic Energy is gaining traction among investors, having raised $337 million in a recent funding round. The company is also contemplating an initial public offering, furthering its expansion in China's thriving space exploration sector.

(With inputs from agencies.)