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Space propulsion developer Accion Systems has closed its most significant funding round yet. The company raised $42 million in a Series C led by Tracker Capital, bringing its valuation to $83.5 million.

Along with the investment, Tracker Capital also acquired a majority stake in the company. This latest injection of capital will facilitate the development and manufacturing of the company’s fourth generation propulsion system, dubbed the tiled ionic liquid electrospray (TILE) system.

The TILE system uses electrical energy to push charge particles (ions) out its back to generate propulsion. While ion engines have been around for decades, Accion uses a liquid propellant, an ionic liquid salt, instead of gas. The liquid is inert and non-pressurized, meaning there’s no risk of explosion. It also results in a product that doesn’t need bulky components like ionization chambers, and an overall smaller and lighter weight system relative to the spacecraft – key considerations in space, where every gram of payload has a high price tag.

“It lets us build really, really small systems,” Accion co-founder Natalya Bailey explained to TC. “Instead of trying to take an existing ion engine the size of a Prius and shrink it down, we can start with very small systems because of this propellant.” And she does mean small – each thruster tile is about the size of a postage stamp.

The TILE system is also scalable and modular, meaning it could feasibly be used on anything from cubesats to propelling an interplanetary spacecraft, Accion CEO Peter Kant added in a recent interview with TC. “It’s one of the few occasions where the total addressable market and the actual addressable market that we can serve are pretty closely aligned and almost overlap,” he said.

The newest generation of the TILE system is the same size as its predecessors, but Accion is increasing the number of emitters on a given chip – emitters being the technology that actually shoots out the ions, generating the momentum – by almost tenfold. “We get more ions per area and that gives us a whole lot more thrust with the same amount of space,” Kant said.

Accion is looking to ship the first fourth-gen thruster systems in the middle to late summer of 2022.

The TILE system was developed by Accion co-founders Natalya Bailey and Louis Perna while the two were at the Massachusetts Institute of Technology. The tech generated a ton of interest from big aerospace companies, but they decided to found Accion in 2014 rather than sell. The company manufactures and assembles its product at its facility in Charlestown, Massachusetts.

The TILE system was onboard commercial spacecraft, one with Astra Digital and one with NanoAvionics, that went up on SpaceX’s Transporter-2 launch at the end of June. Accion started by focusing on serving smaller spacecraft first, like cubesats, but Bailey said that was just the beginning.

“We’re going after that segment initially, and then intending to reinvest our learnings in building larger and larger systems that eventually can do big geostationary satellites and interplanetary missions and so on. The systems that went up on the most recent launcher [is] probably good for a satellite up to about 50 kilograms [. . .] For us, it’s on the smaller end of where we intend to go.”