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British aerospace company Orbex has declared bankruptcy after failing to secure additional funding or a buyer. The company was developing the Prime rocket, designed to launch payloads up to 200 kg into a 500 km solar-synchronous orbit from SaxaVord Spaceport in the Shetland Islands. Despite being a finalist in the European Launcher Challenge, Orbex's prospects diminished after the UK did not contribute to the European Space Agency's budget increase during the latest ministerial meeting.