Spanish company PLD Space announced Thursday it is intending to launch its first privately-built reusable suborbital rocket before the end of May, reported Reuters Friday.
The company is intending to eventually enter the market for putting small satellites in space.
Preparations are underway to launch the rocket "Miura 1" — a micro-launcher — from a military facility in Huelva in southern Spain.
The launch of the rocket will be the first step for the company to commence its commercial operations in 2025 with "Miura 5" — an orbital rocket under development.
In a press release, PLD's executive president Ezequiel Sanchez said: "Every second the rocket is in the air is learning and data for the development of Miura 5. After 12 years, PLD Space will be the first private micro-launcher company to reach this historic milestone in the European space race."
As tall as three storey building, Miura 1, has a 100-kg cargo capacity and can also be used to carry out zero-gravity experiments.
Several countries including with some US companies are planning to deploy thousands of internet-beaming satellites in the coming years, spawning a wave of new rocket companies seeking a slice of what some analysts expect will be a trillion-dollar space market by 2030.
A number of several European startup companies are in a race to get their commercial satellite launchers ready to par with the US private space firms following Virgin Orbit filed for bankruptcy after a failed launch in January.
The company founded in 2011 said: "PLD Space has been given the green light from the National Institute for Aerospace Technology to carry out a flight test by May 31, after completing an initial hot test."
During that test, the company kept the Miura 1 engine running at full capacity for five seconds to determine if it could function perfectly in a simulation environment.
Due to security compulsions, the exact date of launch will only be declared 24 hours earlier, after two more tests are completed.
Strong winds and heavy rains may compel the company to abort the mission.
PLD Space was able to attract public and private funding of more than $66 million.