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Virgin Galactic Shares Gain After Partnering with Boeing on New Motherships

Stock Markets Jul 07, 2022 20:54
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© Reuters.

By Michael Elkins

Virgin Galactic (NYSE:SPCE) shares gained nearly 5% in pre-open trading Thursday after the company announced that they have reached an agreement with Boeing (NYSE:BA) subsidiary, Aurora Flight Sciences, to partner in the design and manufacturing of the Company’s next generation motherships. The mothership is the air launch carrier aircraft in Virgin Galactic’s space flight system, that carries the spaceship to its release altitude of approximately 50,000 feet.

Virgin Galactic Chief Executive Officer Michael Colglazier said: “Our next generation motherships are integral to scaling our operations. They will be faster to produce, easier to maintain, and will allow us to fly substantially more missions each year. Supported by the scale and strength of Boeing, Aurora is the ideal manufacturing partner for us as we build our fleet to support 400 flights per year at Spaceport America.”

Aurora plans to manufacture the aircraft at its Columbus, Mississippi, and Bridgeport, West Virginia facilities. Final assembly of the motherships will be completed at the Virgin Galactic facility in Mojave, California.

“With Aurora, we are accessing the best of the nationwide aerospace ecosystem,” said Swami Iyer, President of Aerospace Systems. “As a subsidiary of the world’s largest aerospace company, Aurora has some of the industry’s top engineers and manufacturing facilities.”

“This partnership between Aurora and Virgin Galactic brings together teams that share a passion for aerospace, innovation, and exploration,” said Per Beith, Aurora President and CEO.

The first new mothership is expected to enter service in 2025, the same year Virgin Galactic’s first Delta-class spaceship is expected to begin revenue payload flights. The Company’s upcoming commercial missions are expected in Q1 2023.

Virgin Galactic Shares Gain After Partnering with Boeing on New Motherships
 

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