PLD Space has secured an 11mn loan to help fund the development of a liftoff site for its partially reusable Miura 5 rocket, which is set to become Europes first privately developed satellite launcher unless one of its competitors gets there first.The loan will help the Spanish startup construct the launch facility, located at Europes primary spaceport in French Guiana and estimated to cost around 16mn overall. PLD Space launched its first, smaller rocket, Miura 1, from Spain last year. However, for a bigger orbital launcher like Miura 5, the company needs a facility with specific capabilities. These include a large launch pad, a comprehensive mission control centre, and access to a geographically optimal location for orbital trajectories.PLD Space plans to conduct test and flight campaigns for MIURA 5 from the site. The rockets maiden flight is scheduled for late 2025.Ral Torres and Ral Verd, university classmates, founded PLD Space in 2011 with a vision to create something akin to a European version of Elon Musks SpaceX. The company now employs over 250 people. It has raised 170mn in funding to date.I WANT THE BEST DEALThe companys ambitions extend beyond MIURA 5. It plans to develop Miura Next, a family of heavy-lift reusable rockets by the 2030s and the Lince capsule, Europes first private manned spacecraft.Europes space race is firing upMorgan Stanley predicts the space economy will grow from 355 billion in 2020 to over 1 trillion by 2030 and competition for the rewards is fierce.The USA remains a global leader, while China is emerging as a powerful challenger. Then theres Europe, which has historically lagged behind in the space race.Against this backdrop, companies like PLD Space are seen as crucial for ensuring Europe doesnt become too dependent on foreign powers and companies like SpaceX for access to space.PLD Space hopes to be the flagbearer for a new era of private European spaceflight. But its not alone. The company faces stiff competition from other startups with similar ambitions and similar timelines.Two of the most promising are Rocket Factory Augsburg (RFA) and Isar Aerospace, both from Germany. These startups are developing partially reuseable, orbital launchers with a similar carrying capacity to Miura 5 1000-1500kg.All three contenders are rushing to become the first private company to launch a European-built satellite launcher into orbit.RFA faced a setback in August when its rocket blew up during testing, pushing back its projected launch date to 2025 at the earliest. Meanwhile, Isar Aerospace commenced hot-fire tests of its Spectrum rocket in September, but with the year almost over it looks like the companys original 2024 launch date projection will slip away.Whoever gets there first, one things for sure: Europes private space race is heating up. And thats good for the continents celestial ambitions whichever way you slice it. Story by Sin Geschwindt Sin is a climate and energy reporter at TNW. From nuclear fusion to escooters, he covers the length and breadth of Europe's clean tech ecos (show all) Sin is a climate and energy reporter at TNW. From nuclear fusion to escooters, he covers the length and breadth of Europe's clean tech ecosystem. He's happiest sourcing a scoop, investigating the impact of emerging technologies, and even putting them to the test. Sin has five years journalism experience and holds a dual degree in media and environmental science from the University of Cape Town, South Africa. Get the TNW newsletterGet the most important tech news in your inbox each week.