They use large centrifuges to store energy and will then rapidly transfer that momentum into a catapult to send a payload to space at up to 4,800 kilometers per hour (3,000 mph). If successful, the acceleration architecture is projected to be both lower cost and use much less power, with the price of a single space launch reduced to under US$500,000.
SpinLaunch was founded in 2014 by Jonathan Yaney, who previously started Titan Aerospace, a solar-powered drone company and subsequently sold it to Google. They raised $1 million in equity in 2014, the year SpinLaunch was founded, $2.9 million in equity in 2015, $2.2 million in debt in mid-2017 and another $2 million in debt in late 2017. SpinLaunch has raised a total of $10 million to date.
Last month, a bill was proposed in the Hawaii state senate to issue $25 million in bonds to assist SpinLaunch with "constructing a portion of its electrical small satellite launch system."