Adranos Announces Successful $20M Series A Funding Round
Indiana-based Adranos Inc. has closed on a Series A funding of $20 million set to support their development of solid rocket fuel and motors for long-range missiles and space systems. The company will use the funding to support and grow their staff, scale its manufacturing capacity, and increase R&D efforts. This funding round was initiated after the founders developed a proprietary rocket fuel using aluminum-lithium alloys, achieving increased range, speed, and payload performance.
The Series A funding round closed after a successful test campaign of their ALITEC-fueled tactical missile-sized solid rocket motors for the US Navy and Air Force. Participation in this round of funding came from Impala Asset Management LLC, Explorer1 Fund, Elevate Ventures, and Specific Impulse Capital.
“To put that campaign in context, we built and tested solid rocket motors that were about 10 times larger than what we had built in the past. That was a significant step up in capability,” said Grasso. “With this funding, we’re going to be able to scale and meet all sorts of new and interesting opportunities as they come our way.” said Michael Grasso, co-founder and Chief Executive Officer Chris Stoker and Vice President of Space Systems and Government Relations.
The company’s ALITEC fuel maximizes solid motor performance by liberating hydrogen and minimizing slag formation, releasing more energy per unit weight of fuel versus traditional rocket fuels. R&D is conducted in West Lafayette and is expected to ramp up with this funding.
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