Here are the effects of the bankruptcy of Virgin Orbit (also for Italy)
Branson has thrown in the towel on Virgin Orbit: the Californian aerospace company declares bankruptcy and is looking for a buyer. What will happen to the agreement on the Grottaglie spaceport, the first national airport for the launch of mini satellites?
Virgin Orbit has filed for bankruptcy: repercussions also in sight for the Italian project of Spaceport in Grottaglie?
British tycoon Sir Richard Branson's aerospace company filed for Chapter 11 bankruptcy on April 4, in preparation for the sale. The decision comes after the layoff announced the previous week of 675 employees, or 85% of the workforce.
The listing comes less than two years after Virgin Orbit landed on the Nasdaq in New York with a valuation of around $3 billion. But the failed launch of a rocket from Cornwall's Virgin Orbit last January sent its share price plummeting, leaving the company scrambling for new funding and forcing it to suspend operations.
In fact, Virgin Orbit failed in its attempt to revolutionize the sector of space launches of small satellites with its Launcher One system using an aerial platform, in this case a Boeing 747 (Cosmic Girl), instead of a conventional rocket.
“A news that does not make Puglia happy with suborbital flights and collateral activities. If only because it is destined to extend the already long and uncertain start-up times of the future Grottaglie airport” comments the Corriere del Mezzogiorno.
In fact, last February Sir Branson's company presented the possible operational scenarios for launching satellites from the Grottaglie spaceport, in Puglia, using the Cosmic Girl/Launcher One system. In Long Beach, Virgin Orbit met an Italian delegation headed by the president of ENAC.
"The consequence? Horizontal take-off aircraft, designed for commercial use, will remain on the ground,” adds the newspaper.
All the details.
THE FAILURE OF VIRGIN ORBIT
Virgin Orbit has filed for bankruptcy after the satellite launch company failed to secure the long-term funding needed to help it recover from the failure of a rocket that took off from British soil last January.
On January 10, the historic attempt by the United Kingdom to become the first European nation to put satellites into orbit failed. The rocket launched by Comisc Girl, a jumbo Boeing 747 of aerospace company Virgin Orbit, which successfully took off from the runway at Spaceport Cornwall, suffered a malfunction during the Start me Up mission, which led to the loss of its payload of nine satellites. If successful, the UK would have become the ninth country in the world capable of putting satellites into orbit and the first to launch commercial satellites from Western Europe.
"With the slogan «any time, any place, any orbit», it differentiated itself from SpaceX and other competitors with the idea of launching the load from any latitude via an old Virgin Atlantic jumbo jet, before subsequently deploying the LauncherOne rocket with satellites on the ocean on board” recalls Il Sole 24 Ore .
"Virgin Orbit used aircraft launches: I think it is unlikely that anyone will use this technology again in the future" Roberto Battiston, former president of the Italian Space Agency (ASI), experimental physicist and professor at the University of Trento, observed to the Confindustria newspaper.
But now that the company has ceased operations while awaiting a new potential buyer, the agreement with the Grottaglie spaceport is at risk.
WILL DELAY GROTTAGLI SPACEPORT
Last February, Sir Richard Branson's aerospace company presented the scenarios of the operation with the 747 Cosmic Girl at the Mojave spaceport and at the Virgin Orbit facilities in Long Beach, California.
On that occasion, Virgin's top management met the Italian delegation made up of Enac, the Italian Space Agency, Aeroporti di Puglia and Arti-Regione Puglia, led by the president of Enac Pierluigi Di Palma, involved in the project of the Apulian spaceport of Grottaglie.
“The future Grottaglie spaceport could see among the first operators Virgin Galactic, Virgin Orbit, both part of the conglomerate of the British entrepreneur Sir Richard Branson, and Sierra Space, interested in carrying out suborbital flights from the Apulian airport also dedicated to space tourism and launches satellites” underlined Il Sole 24 Ore.
"During the meetings with US operators – reported a note from ENAC – the will was reconfirmed to sign the confidentiality agreement as soon as possible and the letter of intent for the exchange of information and the launch of the study of feasibility and industrial investments".
AT WHAT POINT IS THE PROJECT?
It was July 2018, when in Bari, Sitael and the Italian Space Agency (ASI) signed two agreements and a declaration of intent with Virgin Galactic (the other Branson company for suborbital tourist flights) to transfer suborbital flights to Grottaglie spaceport.
With regard to the project for the first national spaceport at the Taranto-Grottaglie airport, in December 2022 the tender for the construction of the logistics and integrated technique dedicated to the development of the New Space Economy.
"We have been in contact with Virgin Orbit for Grottaglie for some time and having slowed down a bit it was necessary to do a more detailed study" explained Giorgio Saccoccia, president of ASI, speaking to journalists during the press conference at the beginning of the year .
THE POSSIBLE CONSEQUENCES
So what will now happen to the agreement to start the feasibility study on the project for putting the Grottaglie spaceport into operation after the stop of Virgin Orbit? Certainly the bankruptcy of the company will affect the timing.
According to the Corriere del Mezzogiorno "The reasons are linked to the infrastructure construction process (the 1.6 million tender for the design was assigned) and to the definition of the regulatory framework (both the rules for take-off and landing and the criteria for authorizing companies to carry on the business). Much will be done on this last point by taking inspiration from the certifications already issued in the USA. Italy will add additional specifications and in any case it will take at least two years for the overall definition, while the prospect for closing the circle (also with the 120 million Grottaglie infrastructure) is estimated at 2026. Provided that it becomes reality in the future. Indeed, in addition to Virgin Orbit, the projects of Sierra Space and Orbit Boy are in progress”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/innovazione/quali-sono-gli-effetti-della-fallimento-di-virgin-orbit-anche-per-italia/ on Mon, 17 Apr 2023 04:45:46 +0000.