LONG BEACH, Calif. (SpinLaunch PR)–Jonathan Yaney, Founder and CEO of SpinLaunch, Inc.,has announced that the company has received an additional investment of $35 million for continued development of the world’s first kinetic launch system, designed to provide the lowest-cost, environmentally responsible orbital launch system to serve the rapidly growing small satellite industry.
Rocket Lab is moving its corporate headquarters up the California coastline to the same Long Beach business park that houses one of its main rivals, Virgin Orbit.
The Long Beach Business Journalreports the small satellite launch company is moving into the Douglas Park development from its current home in Huntington Beach. The company has leased 87,605-square-foot building.
Rocket Lab is the third launch provider to move to the park. Virgin Orbit established its operations there in 2015. SpinLaunch signed a lease in Douglas Park two months ago.
Rocket Lab is preparing for the 10th launch of its Electron launch vehicle later this week from Mahia Peninsula in New Zealand.
Virgin Galactic has not yet flown its LauncherOne booster, which is dropped from a modified Boeing 747. SpinLaunch rocket is also still in development.
LONG BEACH, Calif. (SpinLaunch PR)–Jonathan Yaney, founder and CEO of SpinLaunch, has announced that the company has been awarded a responsive launch prototype contract from the Department of Defense (DOD), facilitated by the Defense Innovation Unit (DIU).
SPACEPORT AMERICA, NM, May 7, 2019 (Spaceport America PR) — Spaceport America, the world’s first purpose-built commercial spaceport, and SpinLaunch, an innovative new space company revolutionizing access to space, today celebrated the ground-breaking of SpinLaunch’s future test facility at Spaceport America.
Attending the groundbreaking ceremony was Dan Hicks, CEO, Spaceport America, Alicia Keyes, Cabinet Secretary for Economic Development for the State of New Mexico, and Jonathan Yaney, founder and CEO of SpinLaunch, among New Mexico government and business leaders, and students from area universities.
Spaceport America has announced that SpinLaunch has signed a lease to conduct tests at the facility in southern New Mexico.
“An addition of 20 new jobs will be added locally, as well as investment by SpinLaunch of $7 million in construction capital and $1 million in local infrastructure development for the company,” the spaceport said in a press release.
SpinLaunch is developing a kinetic energy launch system that would spin in a circle at up to 5,000 miles per hour before it is released to fly to space. The system would not use any propellants.
The California company is leasing acreage from the commercial space hub near Truth or Consequences and will build a facility employing at least 20 people, according to spokeswoman Diane Murphy. It will include a launch site that Murphy said will serve as a testing grounds for its launching technology.
Spaceport CEO Dan Hicks said there was potential for a lease extension. SpinLaunch will invest $7 million in facility construction and $1 million in infrastructure development. The deal is important for the $220 million taxpayer-subsidized Spaceport, which has struggled in the past to secure tenants….
Murphy also said the company considered several locations for the test site, but that Spaceport provided the best mix of affordability and location. New Mexico’s renewable energy potential, universities and young labor pool were also considered assets.
SpinLaunch raised $40 million in venture funding last year. Most of the money came from Airbus Ventures, Alphabet Inc.’s GV (formerly Google Ventures), and Kleiner Perkins Caufield & Byers.
Bloomberg reports that Silicon Valley startup SpinLaunch has raised $40 million for a new approach to launching small satellites.
The company remains tight-lipped about exactly how this contraption will work, although its name gives away the basic idea. Rather than using propellants like kerosene and liquid oxygen to ignite a fire under a rocket, SpinLaunch plans to get a rocket spinning in a circle at up to 5,000 miles per hour and then let it go—more or less throwing the rocket to the edge of space, at which point it can light up and deliver objects like satellites into orbit.
SpinLaunch’s so-called kinetic energy launch system would use electricity to accelerate a projectile and help do much of the dirty work fighting through gravity and the atmosphere. In theory, this means the company could build a simpler, less expensive rocket that’s more efficient at ferrying satellites. “Some people call it a non-rocket launch,” said [founder Jonathan] Yaney. “It seems crazy. It seems fantastic. But we are actually using relatively low-tech industrial components to break this problem into manageable chunks.”
An impressive group of investors have signed on to support Yaney’s vision. The bulk of the $40 million came from Alphabet Inc.’s GV (formerly Google Ventures), Kleiner Perkins Caufield & Byers and Airbus Ventures.