Saudi Arabia’s Public Investment Fund (PIF) has revealed its intention to invest $1bn into various divisions of Virgin Group, including Virgin Galactic, The Spaceship Company and Virgin Orbit.
A non-binding memorandum of understanding (MoU) has also been signed between the parties with an option for $480m of future additional investment in space services.
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Virgin Group founder Richard Branson said: “We are now just months away from Virgin Galactic going into space with people on board and Virgin Orbit going into orbit and placing satellites around the Earth.
“This investment will enable us to develop the next generation of satellite launches and accelerate our programme for point to point supersonic space travel.”
Subject to regulatory approval, the latest MoU is expected to enable PIF to gain a significant stake in Virgin Galactic, The Spaceship Company and Virgin Orbit, as well as Virgin Group and Abu Dhabi-based Aabar Investments.
The deal also expects to support Virgin Group’s human spaceflight plans and further develop Virgin Orbit’s manufacturing and operational capabilities.
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By GlobalDataIt is further anticipated to help the development of next-generation low-cost small satellite launch systems and commercial supersonic point-to-point travel capabilities, as well as create a possibility for a space-centric entertainment industry in Saudi Arabia.
In addition, PIF and all the Virgin Group companies covered in the deal will partner to execute a mutually agreed roadmap for Saudi Arabia’s space industry as part of the country’s Vision 2030.
