Boeing Just Invested $29.5 Million in Virgin Galactic’s Space Travel Program

It’s a match made in heaven, or, perhaps, the stars.

By Rachel Cormack 14/10/2019

Richard Branson wants the world to travel the cosmos, but today the billionaire is counting his own lucky stars. Boeing just announced it plans to give the mogul’s space tourism company Virgin Galactic a $20 million (around A$29.5 million) cash injection to help pursue its goal of commercial space travel.



Both companies have had their sights set on intergalactic jet-setting for quite some time now. Virgin Galactic has been not-so-quietly chipping away, sending people to orbit and building futuristic Spaceports, while Boeing has been busy investing in smaller-scale aerospace startups—such as Accion Systems and Matternet—through its HorizonX Ventures arm, plus working on its Starliner crewed capsule which it’s developing under a contract with NASA.



So, why join forces now?



Well, it appears that Boeing has finally decided: If you can’t beat ‘em, join ‘em. In a statement released on Tuesday, senior managing director of Boeing HorizonX Ventures Brian Schettler said the companies are at an “inflection point” and the US$20 million is a “strategic investment” rather than cash to be put toward a specific space project. Indeed, the sum is significantly less than the US$1 billion Virgin Galactic says it has invested in its program already—but it’s a symbolic step, and a rather big one at that. After all, in no world is US$20 million a small sum.

Virgin Galactic's First Spaceflight
Virgin Galactic’s First Spaceflight on December 13, 2018 Courtesy of Virgin Galactic



“It’s really about catalyzing the partnership first and foremost between two companies that bring incredible complementary capabilities to commercial space and to the key technologies needed—and frankly beyond just technologies. The whole end-to-end solutions to bring high-speed mobility to the masses,” Schettler said.



Back in July, Virgin Galactic announced its intent to become a publicly listed entity through a US$800 million merger with Social Capital Hedosophia Corp—which is expected to close in the fourth quarter of 2019. Boeing’s investment will come as a result of buying shares in the publicly traded entity.



Virgin Galactic appears to be as equally optimistic about the new partnership with CEO George Whitesides stating, “We are excited to partner with Boeing to develop something that can truly change how people move around the planet and connect with one another.”



We can’t argue with that excitement. Indeed, the partnership sounds like a match made in heaven, or, perhaps, the stars.

ADVERTISE WITH US

Subscribe to the Newsletter

Robb Report AU - Newsletter Robb Report AU - Motors Newsletter Robb Report AU - Property Newsletter Robb Report AU - Lifestyle Newsletter Robb Report AU - Style Newsletter Robb Report AU - Business Newsletter Robb Report AU - Travel Newsletter

Stay Connected

You may also like.

Robb Review: Aston Martin Vantage Roadster

The convertible reminds us that it’s the marque’s entry-level offering in price only.

By Robert Ross

25/09/2020

Robb Interview: Dieter Knechtel, President Of Ferrari Middle East And Far East Asia

The Ferrari boss on the post-COVID road ahead, sustainable V12s and the all new Roma.

By Terry Christodoulou

24/09/2020

Riva’s New Superyacht

Sharp lines and a ‘shark grey’ palette place this yacht at the top of the food chain.

By Terry Christodoulou

24/09/2020

BMW Unveils New M3 And M4

Look past the new grilles to the maintained manual transmission and increased power output.

By Terry Christodoulou

23/09/2020

Watch The 1470kW Lotus Evija EV Blast Around The Track

Five driving modes allow for everyday usability.

By Bryan Hood

23/09/2020

Buy the Magazine

Subscribe to Robb Report today!

Subscribe today

Stay Connected