Virgin announces billion-dollar Saudi investment in space companies
Posted: Sun, Oct 29, 2017, 11:43 AM ET (1543 GMT)
Saudi Arabia's sovereign wealth fund has agreed to invest $1 billion into the Virgin Group's space companies. The agreement, announced Thursday and at this point still a non-binding memorandum of understanding, would have the Public Investment Fund of Saudi Arabia invest $1 billion in Virgin Galactic, Virgin Orbit and The Spaceship Company in exchange for a "significant" but minority stake. The funding would accelerate current suborbital and orbital vehicle programs and support Virgin's long-term plans for point-to-point high-speed travel. It also includes "the possibility to develop a space-centric entertainment industry" in Saudi Arabia.
Saudi Arabia's sovereign wealth fund has agreed to invest $1 billion into the Virgin Group's space companies. The agreement, announced Thursday and at this point still a non-binding memorandum of understanding, would have the Public Investment Fund of Saudi Arabia invest $1 billion in Virgin Galactic, Virgin Orbit and The Spaceship Company in exchange for a "significant" but minority stake. The funding would accelerate current suborbital and orbital vehicle programs and support Virgin's long-term plans for point-to-point high-speed travel. It also includes "the possibility to develop a space-centric entertainment industry" in Saudi Arabia.
| <<previous article | next article>> |
|
news in brief
|
|
SpaceX performs two Falcon 9 launches less than an hour apart
Posted: Sun, Aug 16 10:57 AM ET (1457 GMT) Virgin Galactic delays resumption of commercial flights to 2027
Posted: Sun, Aug 16 10:54 AM ET (1454 GMT) |
|
news links
|
|
Wednesday, August 19
First spacewalk completed for Sophie Adenot
ESA — 6:43 am ET (1043 GMT) Satellite images show damage after a Ukrainian missile strike on a space center supporting Russia's Starlink rival
Business Insider — 6:42 am ET (1042 GMT) Space Force Selects Rocket Lab For Space Data Network Consortium, Awarded $12M in Contracts to Support Global Military Communications Network
Rocket Lab — 6:36 am ET (1036 GMT) USSF to Operate Legacy Weather Sats Until at Least 2028 as It Works on Replacements
Air and Space Forces Magazine — 6:36 am ET (1036 GMT) AFA Urges Congress to Fully Fund Space Force, Ramp Up F-35 Procurement
Air and Space Forces Magazine — 6:36 am ET (1036 GMT) |
