Virgin Galactic, NASA to Develop Develop Program for Private Missions to ISS

NASA is leaning heavily on private companies built around shared visions for space exploration.

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Virgin Galactic, NASA to Develop Develop Program for Private Missions to ISS

The announcement sent Virgin Galactic shares up by 14 percent

Highlights
  • Shares of Virgin Galactic were up at $17.13 in premarket trading
  • The space launch system is set to debut next year
  • NASA is leaning heavily on private companies for space exploration

Billionaire Richard Branson's Virgin Galactic Holdings said on Monday it has signed up with NASA to develop a program to promote private missions to the International Space Station (ISS), sending the shares of the company up about 16 percent.

As part of its agreement with the Johnson Space Center, the space tourism company will identify candidates interested in buying tickets for private rides to space in orbital-grade vehicles from other companies, and develop training packages under its "astronaut readiness program."

The company competes with billionaire-backed ventures such as Amazon's Blue Origin that are vying to usher in a new era of space tourism, racing to be the first to offer sub-orbital flights to civilian space travelers.

Virgin Galactic offers zero-gravity experiences to customers with its centerpiece SpaceShipTwo plane and has long-term point-to-point travel plans to quickly transport passengers from city to city at near-space altitudes.

This is the second agreement between Virgin Galactic and the US space agency. In May, the two entered an agreement to develop 'high-Mach' aircraft for potential civilian use.

For NASA, the private partnerships are helping it revive its own human space missions. Last month, Elon Musk's SpaceX ended NASA's nine-year hiatus by delivering two astronauts to the ISS.

The space agency is leaning heavily on private companies built around shared visions for space exploration, as it gears up for a long-term presence on the moon and prepares for a manned mission to Mars.

Shares of Virgin Galactic closed at $17.39 (roughly Rs. 1,310).

© Thomson Reuters 2020


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