Completes Funding For Development Of Integrated Human And
Payload Space Launch System
By Maxine Scheer
Virgin Galactic (Vg) shared a major
milestone Tuesday at AirVenture when Sir Richard Branson signed an
agreement to enter into a strategic partnership with Abu Dhabi
based Aabar Investments. The agreement allows for Aabar to
secure about a 32% equity stake in Virgin Galactic. The investment
of approximately US$280m expedites development of the world’s
first private sector integrated human and payload space launch
system. To date, Virgin Galactic has been wholly owned and funded
by Sir Richard Branson’s Virgin Group.
The deal was signed Tuesday in the presence of thousands
attendees at the EAA AirVenture air show in Oshkosh by Sir Richard
Branson and Mohamed Badawy Al-Husseiny, CEO of Aabar. The
ceremony took place alongside Virgin Galactic’s new 100%
composite carrier aircraft space launch vehicle/mothership,
WhiteKnightTwo (VMS Eve), a.k.a. WK2, which later made its public
demonstration flying debut in Oshkosh.
Sir Richard Branson
An additional $110 million has also been committed by Aabar to
support Vg’s development of a cost effective and
environmentally sensitive small satellite launch capability which
will use WK2 as a first stage platform. “It is our goal to
significantly reduce the cost of satellite launch capabilities,
which allows for expanding satellite based technologies and
applications,” said Branson.
Aabar described his plans to build spaceport facilities in Abu
Dhabi. Aabar intends to secure exclusive regional rights to host
Virgin Galactic tourism and scientific research space flights,
noted to be subject to regulatory approvals including those to be
secured by the U.S. Government.
Also present at the signing ceremony was long time EAA member
and world renowned aeronautical engineer Burt Rutan, designer of
SpaceShipOne, WK2 and founder of Scaled Composites, now owned by
Northrop Grumman.
Burt Rutan
An estimated $40 million has been raised by Vg thus far from
deposits made by over 300 passengers as Virgin Galactic Astronauts
for passenger space flights where 2 pilots and 6 passengers will be
carried on a two to two and a half hour flight. Branson anticipates
the schedule for the start of construction for a second mothership
to begin at Mojave, CA based Scaled Composites the early part of
2010.
As WK2 was being towed off AeroShell Square for its public
demonstration flight, Al-Husseiny spoke to reporters about Aabar's
investments. Al-Husseiny sees Vg as a strong commercial venture as
are other investments being made by Aabar in other sectors
including energy, infrastructure, real estate, automotive and
financial services companies. He gave a number of examples, which
included a recent $2.7 billion investment in Daimler AG.
Aabar’s largest shareholder is the International Petroleum
Investment Company, which in turn is wholly owned by the Government
of the Emirate of Abu Dhabi, holder of 8 percent of the
world’s oil reserves and richest of the seven states that
make up the United Arab Emirates.
Virgin Galactic was launched by Sir Richard Branson’s
Virgin Group in 2004 with the objective of developing commercial
space vehicles which would transform the safety, cost and
environmental impact associated with access to space.
Branson’s venture seems well on its way to achieving its
goals and WK2’s demonstration flight at AirVenture generated
much excitement at Oshkosh.
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