Isar Aerospace, founded in 2018 by three students at a German university, successfully launched a privately-developed rocket into low-Earth orbit Saturday from a Norwegian spaceport inside the Arctic Circle.

The two-stage rocket, named Spectrum, became the first fully commercial launch vehicle in Europe to reach orbit. With Saturday’s success, Isar is the clear leader among a pack of several European launch startups vying to inject some competition into Europe’s stagnant launch market.