Portal Space Raises $50M For Solar Propulsion

Innovative Vision Rooted In Aerospace Expertise

Jeff Thornburg, a former engineer at the U.S. Air Force and SpaceX, is developing propulsion systems at Portal Space Systems. The company was founded in 2021. Portal Space Systems raised $50 million in a Series A round, reaching a valuation of $250 million. Investors include Geodesic Capital, Mach33, Booz Allen Ventures, ARK Invest, AlleyCorp, and FUSE.

Revolutionizing Propulsion With Solar Thermal Technology

Solar thermal propulsion is being developed as an alternative to chemical and electric systems. Government laboratories have studied the concept since the 1960s. Concentrated solar energy is used to heat propellant, increasing thrust and maneuverability. Demand has grown alongside rising satellite deployments and defense-related requirements.

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Strategic Investment And Military Interest

Portal Space Systems has received $45 million in funding linked to U.S. military programs, in addition to $67.5 million in private capital. Investors are evaluating applications in commercial satellite operations and defense scenarios, including spacecraft maneuverability in orbit.

Navigating The Path To Operational Flight

Portal is testing flight electronics in orbit and plans to launch a prototype spacecraft in October. A fully operational propulsion system is targeted for deployment by 2027 on the SuperNova spacecraft. The system includes a Hex thruster combining a solar concentrator and nozzle in a single unit.

Looking Beyond Today: Preparing For Future Propulsion Systems

Solar thermal propulsion is positioned as an alternative to nuclear systems, which face regulatory and technical constraints. In-orbit testing is being used to validate components, reducing reliance on ground-based infrastructure.

Industry Context

Demand for advanced propulsion systems continues to grow as satellite activity increases and orbital congestion expands. Portal Space Systems is developing technology focused on maneuverability, efficiency, and scalability in space operations.

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Eurobank Wins Two Euromoney Awards Following Cyprus Merger

by THEFUTURE.TEAM

July 17, 2026

Eurobank has been named Cyprus’ Best Bank for 2026 by Euromoney, while also receiving the award for Best Bank for Large Corporates at the publication’s latest Awards for Excellence.

Merger Marks A Milestone

The awards recognise the bank’s performance during 2025, a year marked by the completion of the legal merger between Hellenic Bank and Eurobank Cyprus. The transaction created Eurobank Limited, which the group says is now Cyprus’ largest banking and insurance organisation, with assets exceeding €28 billion.

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Euromoney’s Awards for Excellence evaluate banks’ performance over the previous calendar year, with this edition covering January 1 to December 31, 2025.

Lending, Customers And Digital Growth

Eurobank said its business lending portfolio expanded by around 17 per cent during 2025, while its customer base grew to more than 710,000 retail clients and 11,500 business customers.

The bank also continued its digital expansion, saying more than 96 per cent of transactions are now completed through digital channels, and most financing applications are submitted via its mobile app.

Expanding International Presence

Eurobank also highlighted the opening of its first representative office in India, describing the move as a step toward strengthening business links between Cyprus and India while supporting Cyprus’ role as a gateway to the European Union for Indian businesses and investors.

According to the bank, Euromoney recognised not only the successful completion of the merger but also its lending growth, digital transformation and contribution to Cyprus’ position as an international business and investment hub.

CEO On The Awards

“The Euromoney awards confirm Eurobank’s strong momentum and the successful implementation of our group’s strategy in Cyprus,” Chief Executive Michalis Louis said.

He said the merger strengthened the bank’s ability to support households, businesses and the wider economy, while highlighting continued investment in digital services and the opening of the representative office in India as key milestones during the year.

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