Virgin Galactic Holdings Inc
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Industrials : Aerospace & Defense | Small Cap Growth
Company profile

Virgin Galactic Holdings, Inc. is an aerospace and space travel company. The Company and its wholly owned subsidiaries are focused on the development, manufacture and operations of spaceships and related technologies for the purpose of conducting commercial human spaceflight and flying commercial research and development payloads into space. The Company is offering access to space for private individuals, researchers, and government agencies. Its operations include the design and development, manufacturing, ground and flight testing, and post-flight maintenance of its spaceflight system vehicles. Its spaceflight system is developed using its technology and processes and is focused on providing space experiences for private astronauts, researcher flights and professional astronaut training. Its operations also include spaceflight opportunities for research and technology development. The development and manufacturing activities are located in Tustin, California, and Mojave, California.

Closing Price
$4.88
Day's Change
0.01 (0.21%)
Bid
--
Ask
--
B/A Size
--
Day's High
5.18
Day's Low
4.82
Volume
(Light)
Volume:
5,361,820

10-day average volume:
7,233,787
5,361,820

Virgin Galactic Selects Boeing Subsidiary Aurora to Build New Motherships

4:05 pm ET July 6, 2022 (BusinessWire) Print

--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

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.

Headquartered in Virginia, Aurora brings more than 30 years of experience building cutting-edge aircraft from concept to delivery and specializes in novel aircraft configurations and complex composites. Virgin Galactic has been working with Aurora for the past several months to develop design specifications as well as workforce and resource requirements in preparation for this long-term project. The two-vehicle contract announced today will enable Aurora to immediately begin development.

Virgin Galactic Chief Executive Officer Michael Colglazier said: "Our next generation motherships are integral to scaling our operations. They will be faster to produce, easier to maintain and will allow us to fly substantially more missions each year. Supported by the scale and strength of Boeing, Aurora is the ideal manufacturing partner for us as we build our fleet to support 400 flights per year at Spaceport America."

Virgin Galactic's manufacturing strategy is designed to leverage third party suppliers to improve efficiency, access new innovation and technology, and tap into existing highly skilled labor pools. This allows the Company's in-house team to focus on complex and critical elements such as design, engineering and final assembly.

Aurora plans to manufacture the aircraft at its Columbus, Mississippi and Bridgeport, West Virginia facilities. Final assembly of the motherships will be completed at the Virgin Galactic facility in Mojave, California.

"With Aurora, we are accessing the best of the nationwide aerospace ecosystem," said Swami Iyer, President of Aerospace Systems. "As a subsidiary of the world's largest aerospace company, Aurora has some of the industry's top engineers and manufacturing facilities."

Todd Citron, Boeing Chief Technology Officer and Vice President and General Manager of Boeing Research & Technology added: "Boeing is excited to contribute our culture of safety, our operational excellence, and our expertise in aircraft design and manufacturing to help advance human space travel. Today's announcement expands our collaboration with Virgin Galactic to accelerate transformative aerospace technologies."

"This partnership between Aurora and Virgin Galactic brings together teams that share a passion for aerospace, innovation, and exploration," said Per Beith, Aurora President and CEO. "Aurora's decades of experience in aircraft design, composite manufacturing, and vehicle integration, coupled with our world-class engineers and manufacturing technicians, enables us to provide the unique expertise and capabilities necessary to complete these next generation aircraft. We're thrilled to have this opportunity to support Virgin Galactic's mission to pioneer space travel."

The first new mothership is expected to enter service in 2025, the same year Virgin Galactic's first Delta-class spaceship is expected to begin revenue payload flights. The Company's upcoming commercial missions are expected in Q1 2023.

You can download all press materials including images and b-roll from the Virgin Galactic Press Assets

About Virgin Galactic Holdings

Virgin Galactic Holdings, Inc. is an aerospace and space travel company, pioneering human spaceflight for private individuals and researchers with its advanced air and space vehicles. It is developing a spaceflight system designed to connect the world to the wonder and awe created by space travel and to offer customers a transformative experience. You can find more information at https://www.virgingalactic.com/

About Aurora Flight Sciences

Aurora Flight Sciences, a Boeing Company, advances the future of flight by developing and applying innovations across aircraft configurations, autonomous systems, propulsion technologies, and manufacturing processes. With a passionate and agile team, Aurora delivers solutions to its customers' toughest challenges while meeting high standards of safety and quality. Learn more at www.aurora.aero

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Virgin Galactic Holdings, Inc. (the "Company"), including statements regarding the Company's spaceflight systems, markets and expected flight schedule. These forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC's website at www.sec.gov and the Investor Relations section of our website at www.virgingalactic.com. These filings identify and address other important risks and uncertainties that could cause the Company's actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220706005791/en/

SOURCE: Virgin Galactic Holdings, Inc.

For media inquiries:
Virgingalacticpress@virgingalactic.com 
Aleanna Crane - Vice President Communications
575.800.4422

Jeff Michael - Communications Specialist
661.754.4300

For Investor Relations inquiries: 
Vg-ir@virgingalactic.com
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