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
|
|
|
|
news links
|
|
Saturday, September 5
Gilat Announces $100 Million Five-Year Convertible Notes at 60% Conversion Premium
Gilat Satellite Networks — 11:15 am ET (1515 GMT) 6U-Class Earth Observation Satellite ONGLAISAT, Co-Developed by ArkEdge Space, Wins Small Satellite Mission of the Year Award –First mission involving a Japanese company and university to receive the award–
ArkEdge Space — 11:15 am ET (1515 GMT) Datacentrex Invests $30 Million in Eagle LNG Partners, a Supplier of Fuel for the U.S. Space Launch Industry
Datacentrex — 11:14 am ET (1514 GMT) HawkEye 360 Confirms Early Lock-up Release for September 2nd; Preliminary Inclusion in Russell 2000
HawkEye 360 — 11:13 am ET (1513 GMT) America’s AI Lead Won’t Win The Next Space Race
Forbes.com — 11:11 am ET (1511 GMT) |
