Virgin Galactic has seen the departures of its director of safety and chief legal officer over the past month.
Chief Legal Officer and General Counsel Michelle Kley is leaving Virgin Galactic as of July 19 after two years and seven months with the company. She will become chief legal officer at Volta, a company that runs an electric vehicle charging network.
Her departure comes as Virgin Galactic battles lawsuits from unhappy shareholders who claim to have lost money since the company went public more than 2.5 years ago.
Kley joined Virgin Galactic as executive vice president, chief legal officer, general counsel and secretary in December 2019. She previously served as senior vice president, chief legal officer, general counsel and secretary at Maxar Technologies from July 2016 to March 2019.
Agreement with Aurora Flight Sciences to Deliver Two Vehicles, Each Designed to Fly Up To 200 Launches Per Year
First New Mothership Expected to Enter Service in 2025
Outsourced Manufacturing Approach Will Improve Speed to Market, Provide Access to Labor Pools, Minimize Supply Chain Disruption, and Realize Efficiencies
TUSTIN, Calif. (Virgin Galactic PR) — Virgin Galactic (NYSE: SPCE) (the “Company” or “Virgin Galactic”), an aerospace and space travel company, today announced an agreement with Aurora Flight Sciences (“Aurora”), a Boeing company, 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’s quarterly reports have fallen into a familiar pattern since the company went public 2.5 years ago. Optimistic talk about past and future progress is mixed in with a large net loss and another delay in the start of commercial service that was originally forecast to begin back in 2007.
Richard Branson’s space tourism company didn’t fail to disappoint on Thursday. The net loss for Q1 2022 was $93 million, which was higher than Q4 2021 net loss of $81 million but less than the $130 million loss for the first quarter of 2021.
Billionaire aims to go higher and faster next time
Virgin Galactic still can’t get SpaceShipTwo all the way up (to Karman line)
FAA throws in the towel on deciding who is and who isn’t an astronaut
by Douglas Messier Managing Editor
Earlier this month, Richard Branson and two Virgin Galactic employees received commercial astronaut wings from the Federal Aviation Administration (FAA) for the SpaceShipTwo VSS Unity flight test they took part in last July. The trio was the last group to receive the wings — FAA ended the program last year — and the honors came with a pretty big asterisk.
At the end of a long article about the United Arab Emirates’ (UAE) efforts to develop a virbrant space industry, The National revealed this bit of news from Ibrahim Al Qasim, deputy director general of the UAE Space Agency.
Mr Al Qasim revealed to The National that the agreement that was signed in 2019 with Richard Branson’s Virgin Galactic to bring space tourism flights to Al Ain Airport is no longer in effect, without explaining further.
Instead, the country is now working with Jeff Bezos’s Blue Origin to set up spaceports.
He said discussions with the company, which has already flown 20 people on its suborbital flights, are under way.
Any agreement to fly Blue Origin’s New Shepard suborbital vehicle would be dependent upon a technology safeguards agreement between the UAE and the United States. An agreement with New Zealand allows Rocket Lab to launch Electron rockets from the company’s spaceport on Mahia Peninsula. Brazil has signed an agreement that will allow U.S. companies to launch from the Alcantara Space Center.
The UAE state of Abu Dhabi has been a major investor in Virgin Galactic, which plans to fly suborbital tourism flights aboard SpaceShipTwo. In 2009, Abu Dhabi’s sovereign wealth fund Aabar Investments put in $280 million for a 31.7 percent share of Richard Branson’s space company. Aabar later invested an additional $100 million for a 38.7 percent share of Virgin Galactic.
The additional $100 million investment was intended to help finance the development of a small satellite booster that would be air launched from WhiteKnightTwo carrier aircraft when it wasn’t used for SpaceShipTwo suborbital flights. A new company, Virgin Orbit, split off from Virgin Galactic. The company dumped plans to use WhiteKnightTwo; instead, it uses a larger booster, LauncherOne, that is dropped from a modified Boeing 747 named Cosmic Girl.
Current Fleet Enhancement Program On Schedule to be Completed in Q3 2022
Opened Ticket Sales to the General Public
TUSTIN, Calif. (Virgin Galactic PR)– Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or the “Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2021 and provided a business update.
“We remain on track and on schedule to complete our enhancement program and launch commercial service later this year,” said Michael Colglazier, Chief Executive Officer of Virgin Galactic. “We achieved many important milestones in 2021 that laid an essential foundation towards becoming a scaled, commercial operation. In recent weeks, we opened sales to the general public and launched our new global consumer brand. Demand for our one-of-a-kind experience remains strong, and we are currently building our operations to accommodate our growing customer base.”
A class action lawsuit was filed in New York on Dec. 7 alleging securities fraud by Virgin Galactic, which went public on the New York Stock Exchange (NYSE) in October 2019 after merging with Chamath Palihapitiya’s Social Capital Hedosophia (SCH).
Named in the lawsuit are Virgin Galactic Holdings, CEO Michael Colglazier, former CEO George Whitesides, former current chief financial officer Doug Ahrens, and former chief financial officer Jon Compagna.
The lawsuit was filed amid years-long delays in the start of commercial human suborbital flights that have caused a sharp decline in the value of the stock. Virgin Galactic began trading on the New York Stock Exchange at an opening price of $12.34 on Oct. 28, 2019. The stock is now trading at $14.46 having previously soared to a high of $62.80.
Virgin Galactic’s WhiteKnightTwo VMS Eve mothership returned to the Mojave Air and Space Port in California on Saturday for the start of 8-10 months of upgrades and repairs. The dual fuselage airplane flew from its operating base at Spaceport America in New Mexico to the spaceport where it was built and first flew 13 years ago on Dec. 21, 2008.
Recent material testing returned new data that requires further analysis
Italian Air Force mission to follow enhancement period
Potential supplier component issue has been resolved
Commercial service expected to commence in Q4 2022
LAS CRUCES, NM (Virgin Galactic PR) — Virgin Galactic today announced that it will now begin its planned enhancement program for VMS Eve and VSS Unity and will conduct the Unity 23 test flight after this work is complete.
MOJAVE, Calif. — The Mojave Air and Space Port has received a $5.9 million grant from the Federal Aviation Administration to rehabilitate and strengthen portions to Runway 12-30, Rep. Kevin McCarthy (R-Bakersfield) announced.
The Federal Aviation Administration (FAA) has said it will examine safety issues about Blue Origin’s crewed suborbital New Shepard vehicle raised by a group of current and former employees in an open letter published on Thursday.
The announcement comes 11 days before four paying customers, one reported to be Star Trek star William Shatner, are scheduled to board New Shepard for a trip to space. While a federal safety review might sound reassuring to these ticket holders, what does it actually mean in practice?
SpaceShipTwo deviated from assigned airspace during July 11 flight test
FAA says Virgin Galactic failed to inform agency about deviation
Virgin Galactic’s licensing and compliance officer announces his departure from company
by Douglas Messier Managing Editor
The Federal Aviation Administration has closed an investigation into Virgin Galactic that resulted in the grounding of the company’s only suborbital SpaceShipTwo vehicle after the ship deviated from its assigned airspace during a July flight test with the company’s founder on board. The decision clears the way for another flight test planned for mid-October.
This was supposed to be the Summer of Virgin Galactic. The company would complete the three remaining suborbital flight tests of SpaceShipTwo VSS Unity, the second one with Richard Branson aboard. The company’s newest space tourism vehicle, SpaceShipIII, would begin its flight tests.
Once VSS Unity tests were complete, engineers would spend four months making a series of repairs and upgrades to the spacecraft and its WhiteKnightTwo mothership, VMS Eve. And then in early 2022, the company would use both spaceships to fly tourists on suborbital joy rides that were originally projected to begin 15 years earlier in 2007.
Sounds easy enough, right? It wasn’t. The Summer of Virgin Galactic went about as well as the Summer of George on Seinfeld. If best laid plans of mice, men and Costanzas often go awry, Virgin Galactic’s schedules are guaranteed to move significantly to the right. Years to the right.
“Unity 23” Test Flight Will Mark First Research Customer Mission
Partnership with Italian Air Force Marks First Mission of Its Kind led by European Country
LAS CRUCES, N.M. (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE) (the “Company” or “Virgin Galactic”), a vertically integrated aerospace and space travel company, today announced the manifest for the next rocket-powered test flight of SpaceShipTwo Unity from Spaceport America, which will be the first commercial, human-tended research mission for the Company.
On July 11, Richard Branson returned from a suborbital journey declaring the start of a new era of flight that would make outer space open to everyone, and promoting a raffle for two averagenauts to fly aboard early flights of Virgin Galactic’s SpaceShipTwo.
Today, Virgin Galactic announced it was hiking the cost of those seats from $250,000 to $450,000 for new ticket buyers. It was the second time the company has raised ticket prices even before any paying passengers have flown. In 2013, the price rose from $200,000 to $250,000. The first paying passengers haven’t even flown yet.