Virgin
Galactic unveiled a new partnership Tuesday that pushes the throttle forward on
its plans for commercial suborbital space travel and a new small satellite
launch capacity.
The deal
involves Abu Dhabi's Aabar Investments and Virgin Galactic, the commercial
spaceliner group bankrolled by British billionaire Sir Richard Branson to
fly "pay-per-view" customers to the edge of space.
Specifics of the partnership, which includes Aabar
investing $280 million in Virgin Galactic in return for an equity stake, were
outlined today at the Experimental Aircraft Association's (EAA) AirVenture convention in
Oshkosh, Wisc., which is now under way.
To date,
Virgin Galactic has been wholly owned and funded by Branson's Virgin Group. The
new flush of Aabar money is also targeted to fund a small satellite launch
capability making use of the WhiteKnightTwo
carrier plane, now undergoing extensive trial runs.
The
WhiteKnightTwo (WK2) mothership - christened "Eve" after Branson's mother -
flew into the AirVenture air show yesterday for its debut public demonstration
flight in Oshkosh.
As the
largest all-composite aircraft ever built, the WK2 was designed and built by
Mojave, Calif.-based Scaled Composites, a firm now owned by Northrop Grumman
and founded by aerospace master craftsman, Burt Rutan.
The WK2 is
designed to haul the six-passenger/two-pilot SpaceShipTwo to launch altitude,
and then release the spacecraft so it can begin its suborbital flight.
SpaceShipTwo is likely to be unveiled publicly in December and then begin its
own set of in-flight evaluations.
Branson is
slated today to be onboard VMS Eve as a member of the crew for a demonstration
flight at the air show. To date, the WK2 had flown some 15 times, expanding its
performance capabilities prior to its cross-country hop to the Oshkosh
convention.
Smallsat
launches
"It's a
busy day," said Virgin Galactic President Will Whitehorn. "This is a big
deal...and for us it's an important strategic move," he told SPACE.com in
a pre-signing exclusive interview.
Aabar is a
very savvy investor, Whitehorn said. "What was particularly exciting, when we
began discussions with Aabar, is that they were prepared to commit to doing
something that we're very, very keen to develop quickly...which is a satellite
launch vehicle."
Whitehorn
said the deal is not going to change Virgin
Galactic's space program from the point of view of space tourism or space
science using SpaceShipTwo.
"What it is
going to do is change the speed which we can now start the satellite
development work," Whitehorn added.
Whitehorn
said a business plan is being evolved by working very closely with Surrey Satellite
Technology Limited, a leading small satellite company based in Guildford,
United Kingdom. That group has already delivered operational space missions for
a range of applications including Earth observation, science and
communications.
"The result
of this deal with Aabar, we'll have satellite launch capability within three
years," Whitehorn said.
Deal
details
The deal
signed today between Sir Richard Branson, Founder of Virgin Group, and Mohamed
Badawy Al-Husseiny, Chief Executive Officer of Aabar, centers on a number of
aspects:
- Aabar will invest approximately
$280 million and take around a 32 percent stake in Virgin Galactic's
holding company.
- Aabar has committed some $100
million extra to fund a small satellite launch capability, subject to the
development of a full business plan.
- Aabar will gain exclusive
regional rights, subject to regulatory clearances, to host Virgin Galactic
tourism and scientific research space flights. Aabar has plans to build a
science center and spaceport facilities in Abu Dhabi.
According
to a Virgin Galactic issued press statement, the new infusion of cash means the
spaceliner company is fully funded through to its commencement of commercial
suborbital operations.
Branson's
Virgin Group has invested over $100 million in Virgin Galactic since its
formation in late 2004.
Aabar
Investments PJSC is an investment company headquartered in Abu Dhabi and is on
the Abu Dhabi Securities Exchange. It directly invests in various sectors
including energy, infrastructure, real estate, automotive and financial
services companies. Its largest shareholder is the International Petroleum
Investment Company, which in turn is wholly owned by the Government of the
Emirate of Abu Dhabi.
Leonard
David has been reporting on the space industry for more than four decades. He
is past editor-in-chief of the National Space Society's Ad Astra and Space
World magazines and has written for SPACE.com since 1999.
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