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☆ Google leads funding round for Indian space startup Pixxel
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, June 1 (Reuters) - Alphabet Inc's (GOOGL.O) Google is leading a $36 million funding round for Bengaluru-based Pixxel, a satellite-image startup, in the first major investment in the Indian space sector since the government launched its privatisation policy in April. Pixxel did not specify how much Google had invested or the valuation it reflected. Founder and Chief Executive Awais Ahmed said Pixxel would be "the most valued space tech company in India after this investment". Space startups, in particular, have come under pressure after the bankruptcy of Richard Branson's Virgin Orbit launch company. Ahmed has said he was inspired to launch a space startup from a visit Elon Musk's SpaceX as part of a student competition to build a demonstration "hyperloop" transport pod.

Persons: Pixxel, Awais Ahmed, Ahmed, Richard Branson's Virgin, Kshitij Khandelwal, Nivedita, Kevin Krolicki, Christopher Cushing Organizations: Google, Miner Rio Tinto Ltd, Accenture PLC, Skyroot Aerospace, Reuters, Space, Richard Branson's Virgin Orbit, Elon, SpaceX, Thomson Locations: BENGALURU, Bengaluru, Miner Rio, India

☆ Virgin Galactic completes Unity 25 spaceflight in key final test before commercial service
▼ + stars: | 2023-05-25 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +5 min

Virgin Galactic did not publicly livestream the flight unlike the previous one that carried founder Sir Richard Branson in July 2021. ET, carrying the company's VSS Unity spacecraft up to an altitude of about 40,000 feet. Virgin Galactic previously said it aims to fly its first commercial mission in "late June," assuming a successful test flight on Thursday. Virgin GalacticUnity 25 represents a crucial moment in the history of Virgin Galactic, which has suffered repeated setbacks and years of delays in developing its spaceflight system. Virgin Galactic has yet to generate meaningful revenue, and needs to be flying spaceflights regularly in order to do so.

☆ Virgin Galactic launches high-stakes flight carrying passengers to the edge of space
▼ + stars: | 2023-05-25 | by ( Jackie Wattles | ) edition.cnn.com time to read: +7 min

The space plane is designed to then detach from the mothership, fire its rocket engine and swoop straight up with its two pilots at the controls. Virgin Galactic confirmed just before 12:30 p.m. The space plane then coasted back to a landing back at New Mexico’s Spaceport America. The SpaceShipOne technology was parlayed into a larger space plane design, called SpaceShipTwo, which Virgin Galactic still flies today. Virgin Orbit, a sister company to Virgin Galactic that is focused on launching satellites to space on a small rocket, filed for bankruptcy in April.

☆ This company could take lab-grown meat mainstream thanks to a green light from the FDA
▼ + stars: | 2023-05-19 | by ( Natasha Piñon | ) www.cnbc.com time to read: +14 min

Upside Foods' pivotal moment also comes at a key moment in the alternative meat industry. The cultivated-meat industry could have a wider consumer base than previously introduced alternative meat products, because unlike plant-based meats, it's "real" meat — minus the slaughtered animals. And, accordingly, some traditional meat companies have expressed interest in the burgeoning cultivated-meat industry, which one day could become a competitor. The cultivated-meat industry will need a similar boost if it's ever going to become a grocery store staple, Swartz said. The FDA's clearance was a voluntary premarket consultation, which means the agency has no further questions about the safety of Upside's products.

☆ Virgin Orbit enters $17 million 'stalking horse' bid to sell aircraft assets
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Bankrupt satellite launch company Virgin Orbit said on Tuesday it entered into a "stalking horse" agreement with Stratolaunch to sell mainly its aircraft assets, including the "Cosmic Girl" carrier aircraft, for $17 million in cash. A stalking horse bid is used as a starting bid or minimally accepted offer that other interested bidders must surpass if they want to buy the asset or company. In a court filing, Virgin Orbit said the bid does not prevent going concern bidders from making bids for all its assets, including the ones Stratolaunch is bidding for. The company said the bankruptcy marketing process has also generated considerable interest in its assets other than carrier aircraft. Virgin Orbit, founded by billionaire Richard Branson, filed for Chapter 11 bankruptcy protection in April after the company struggled to secure long-term funding following a failed satellite launch in January.

☆ Virgin Galactic targets May 25 for first spaceflight since Richard Branson's trip
▼ + stars: | 2023-05-17 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

Virgin Galactic is targeting as early as May 25 for the launch of its next spaceflight, which marks both its first in nearly two years since flying founder Sir Richard Branson and its planned last step before beginning commercial service. Called Unity 25, the mission represents the company's fifth spaceflight to date, launching out of Spaceport America in New Mexico. It is a "final assessment" flight, with six Virgin Galactic employees onboard for a short trip to the edge of space. In-house pilots Mike Masucci and CJ Sturckow will fly spacecraft VSS Unity, while Jameel Janjua and Nicola Pecile will fly carrier aircraft VMS Eve. Depending on the outcome and data gathered from Unity 25, the company aims to fly its first commercial mission in "late June."

☆ Virgin Orbit receives $17 million bid for rocket-carrying aircraft in bankruptcy court
▼ + stars: | 2023-05-17 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

Bankrupt rocket company Virgin Orbit received a $17 million "stalking horse" bid for its modified 747 carrier jet and other aircraft assets, as it continues to examine options during Chapter 11 court proceedings. A stalking horse bid represents the first foray on assets of a bankrupt company, and effectively sets the minimum bid for any potential competing offers. According to bankruptcy filings released Tuesday, the stalking horse agreement followed "hard-fought negotiations" between the companies. Virgin Orbit filed for bankruptcy protection on April 4 after the company failed to secure a funding lifeline and laid off nearly its entire workforce. Virgin Orbit previously disclosed that it received "over 30 indications of interest" during its bankruptcy process, with the company continuing to look for a wholesale deal.

☆ Twitch's new CEO has some pipes! A clip of him singing 'Take Me Home, Country Roads' during an impromptu, low-key livestream has gone viral.
▼ + stars: | 2023-05-12 | by ( Will Gendron | ) www.businessinsider.com time to read: +4 min

Earlier this week the new CEO of Twitch, Dan Clancy, took to his own channel for an impromptu performance. The former NASA researcher started singing classic songs, including 'Take me Home, Country Roads.' Twitch's new CEO, Daniel Clancy, took over the top job at the company in mid-March following the departure of previous CEO Emmett Shear. A clip from an impromptu, after-hours Twitch broadcast — Clancy began streaming on May 10 at 7 PM PT, with a keyboard and microphone at his disposal — has gone viral, showing the former NASA researcher singing "Take Me Home, Country Roads." "*Twitch's CEO has been banned due to copyright infringement*," one user joked in a reply to the now viral video.

☆ Mothers may know best when it comes to money
▼ + stars: | 2023-05-10 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

For Mother's Day, we asked a few business leaders about the best money advice they ever got from their moms. Founder & chief investment officer, Ariel Investments"My mom was Deputy Solicitor General, and was a pioneer in serving on corporate boards. "When I started Ariel in 1983, when I was 24, my mom gave me whatever liquid cash she had. We can't always control how much money we make, but we can control maximizing the value of the things we already have." "The best financial advice my mom gave me was to be financially minded at a young age.

A Virgin Australia spokesperson confirmed the contents of the internal email. A Bain Capital spokesperson declined to comment. "I can also confirm the IPO planning is well advanced," Cotton said in the email to staff seen by Reuters. Virgin Australia Chief Executive Jayne Hrdlicka said on Monday that she would take several weeks of leave to spend time with family after the death of her husband from cancer. Bain Capital bought Virgin Australia in 2020 after it was placed in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy.

☆ Virgin Galactic quarterly loss widens while company preps for spaceflight return
▼ + stars: | 2023-05-09 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Virgin Galactic is aiming to fly its first spaceflight in nearly two years later this month, but the company's first quarter loss widened dramatically as it funds its fleet growth. Virgin Galactic cited "increases in research and development expenses," in a press release. It paused launches for a lengthy refurbishment period of its vehicles, with Virgin Galactic aiming to fly its first commercial mission in "late June." The space tourism company reported an adjusted EBITDA loss of $140 million, compared with a $77 million loss in the same period a year ago. Shares of Virgin Galactic stock slipped more than 1% in after-hours trading, from its close at $4.09 a share.

☆ Virgin Galactic set for first spaceflight since Richard Branson's trip two years ago
▼ + stars: | 2023-05-08 | by ( Jackie Wattles | ) edition.cnn.com time to read: +5 min

The flight, slated for late May, will carry two pilots and a crew of four Virgin Galactic employees, the company announced Monday. If all goes well, Virgin Galactic expects to begin commercial services out of its spaceport in New Mexico in late June. At the time Virgin Galactic went public in 2019, it had also been touting plans to start commercial service in 2020. They include two pilots — CJ Sturckow and Mike Masucci — as well as four Virgin Galactic employees who will ride in the passenger cabin. Virgin Orbit, a sister company to Virgin Galactic that is focused on launching satellites to space on a small rocket, filed for bankruptcy in April.

☆ China lands its secretive space plane after 9 months in orbit
▼ + stars: | 2023-05-08 | by ( Natalie Musumeci | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +3 min

China landed its mysterious reusable space plane after nine months in Earth's orbit. The space plane launched from the Jiuquan Satellite Launch Center in August 2022. The nine-month mission was the longest yet for the new space plane. In the absence of photos or details from China, multiple news outlets have suggested that the Chinese space plane may resemble the X-37B space plane developed by Boeing for the US military. Adam Shanks/US Space ForceThe Chinese space plane took off from the Jiuquan Satellite Launch Center in August 2022 and in October mysteriously ejected something into orbit, according to Space.com.

☆ Virgin Galactic to start commercial flight in late June, shares rise
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Space-tourism company Virgin Galactic Holdings (SPCE.N) said on Monday that a four-member test flight will take place in May and that it aims to launch its first commercial flight in late June. Shares jumped 4% after the company said the May mission would be the final test of the spaceflight system and astronaut experience before it opens up for commercial services. After completing a lengthy upgrade for its centerpiece tourist spacecraft in February, Virgin Galactic re-opened ticket sales for spacecraft flights, setting the price at $450,000 per person with an initial deposit of $150,000. "Returning to space is what we have all worked towards," said Mike Moses, president of spaceline missions and safety. Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Virgin Galactic Aims for Space Tourism Launch After Years of Delays
▼ + stars: | 2023-05-07 | by ( Micah Maidenberg | ) www.wsj.com time to read: 1 min

WSJ explains what led to the Virgin spinoff’s collapse. Illustration: Jordan KranseIn July 2021, to much fanfare, Virgin Galactic Holdings flew founder Richard Branson and three other crew members to the edge of space. The company’s next flight—a test operation—occurred last month, nearly two years later. Over that time, challenges have mounted for the company.

☆ Virgin Orbit: How Richard Branson’s Satellite Startup Went Bankrupt
▼ + stars: | 2023-05-05 | by ( Wall Street Journal | ) www.wsj.com time to read: 1 min

Why Starship’s Explosion Is Part of SpaceX’s Process SpaceX’s Starship exploded minutes into its first flight into space, but the fiery ending wasn’t entirely unexpected. Here’s what led up to Starship’s inaugural flight, and what the explosion could mean for SpaceX going forward. Illustration: Jordan Kranse

☆ Billionaire Richard Branson defends space travel, argues it can benefit planet
▼ + stars: | 2023-05-04 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

Richard Branson on board Virgin Galactic's VSS Unity in July 2021. The billionaire believes the environmental costs of space travel are set to "come down even further." British billionaire Richard Branson believes space travel can be beneficial for the planet, arguing that trips like the one he undertook in 2021 open doors and cut red tape. During his interview with the BBC, Branson described space travel as being "incredibly important" for the Earth and made the case for it to continue. "Communication between people is being transformed because of space travel and satellites up there," he said.

☆ Singapore executes citizen for cannabis trafficking
▼ + stars: | 2023-04-26 | by ( Chen Lin | ) www.reuters.com time to read: +1 min

SINGAPORE, April 26 (Reuters) - Singapore on Wednesday executed a man convicted of drug trafficking, a representative for his family said, despite pleas from his relatives and activists for clemency. Tangaraju Suppiah, 46, had been convicted for abetting the trafficking in 2013 of more than 1 kg (2.2 pounds) of cannabis, double the threshold for the death penalty in the city-state, which is known for its tough laws on narcotics. The Singapore government did not immediately respond to a request for comment. The United Nations Office for Human Rights had also called for Singapore not to proceed with the execution and to "adopt a formal moratorium on executions for drug-related offences". Singapore executed 11 people last year and says the death penalty is an effective deterrent against drugs and that most of its people support the policy.

☆ Russia’s war on Ukraine redrew the map of the sky – but not for Chinese airlines
▼ + stars: | 2023-04-25 | by ( Xiaofei Xu | ) edition.cnn.com time to read: +7 min

He told the newspaper that airlines flying over Russia were indirectly helping the Kremlin’s war effort. Safety implicationsVirgin's Richard Branson has called for a ban on Chinese airlines flying to Europe via Russian airspace. CNN has reached out to the three main state-owned Chinese airlines – Air China, China Eastern and China Southern – for comments. For now, Chinese airlines have yet to return to full pre-pandemic capacities. But as Chinese airlines gradually return to normal and the war in Ukraine continues to rage on, European airlines could potentially face more fierce challenges on routes between Europe and East or Southeast Asia, creating some interesting choices for passengers.

☆ Tangaraju Suppiah: Singapore executes man for trafficking two pounds of cannabis
▼ + stars: | 2023-04-25 | by ( Heather Chen | ) edition.cnn.com time to read: +8 min

Tangaraju Suppiah, a 46-year-old Singaporean, was hanged early on Wednesday in Changi Prison and the family have received a death certificate, his sister Leelavathy Suppiah told CNN. Tangaraju was first sentenced to death in 2018 for “abetting the trafficking of more than one kilogram of cannabis (1,017.9 grams),” according to a statement from the Central Narcotics Bureau (CNB). The court found he was in phone communication with two other men caught trying to smuggle cannabis into Singapore. “As is the case for many people currently on death row in Singapore, Tangaraju was forced to represent himself to seek a review of the Court of Appeal’s decision to uphold his conviction. Singapore has a strong reputation as a rule of law country so this concerning omission is not normal,” Perrett added.

☆ Branson's Virgin Orbit files Chapter 11 bankruptcy plan
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Richard Branson, founder of Virgin Group, poses for a photograph on board of his new cruise liner, the Scarlet Lady at Dover Port in Dover, Britain, February 21, 2020. REUTERS/Simon DawsonApril 19 (Reuters) - Richard Branson's Virgin Orbit Holdings Inc and its subsidiaries in the United States filed a Chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday. Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled to secure long-term funding following a failed launch in January. "We expect the filing of the plan and disclosure statement will help us to efficiently conclude the Chapter 11 process once we have completed the sale of the company," Dan Hart, chief executive of Virgin Orbit said in the statement. The company is seeking the sale of its assets, after laying off roughly 85% of its 750 employees.

☆ SpaceX and Rocket Lab are the only consistent and reliable launch companies as other space stocks have trouble raising capital, Bank of America says
▼ + stars: | 2023-04-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Meanwhile, most other companies have had trouble raising capital in the risk-averse environment. "Fast forward to 2023, and there are truly only two launch companies that have proven consistent and reliable operations, only one of which is publicly traded Rocket Lab," analysts wrote. "When presented this reality, most satellite companies expressed their reluctance to being over reliant on certain launch companies, namely SpaceX." But other launch companies like Richard Branson's firm Virgin Orbit have run into trouble. "Also, contrary to popular belief, the space industry is not blind to the importance of profitability, and most are aggressively seeking this milestone," the note added.

The steep drop in fresh capital has left many companies in a vulnerable state, while the failure of Silicon Valley Bank, a leading provider of venture debt, has added to the challenge, a report by venture capital (VC) firm Space Capital said on Thursday. Space Capital's report, coming on the heels of a Chapter 11 filing from Richard Branson's Virgin Orbit Holdings Inc, tracked 89 companies active in the sector. The risk threshold to invest in space companies was much higher earlier, but given recent market uncertainty, investors may not be as risk-loving and space being a nascent sector, many are dialing back, Deutsche Bank analyst Edison Yu told Reuters separately. However, Space Capital added that companies in emerging industries, like those associated with the National Aeronautics and Space Administration's Artemis mission to the Moon are seeing an increased interest. Reuters GraphicsReporting by Akash Sriram and Tanya Jain in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Virgin Orbit blames 'dislodged filter' for January launch failure
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Virgin Orbit building is seen after the company paused operations last week, in Long Beach, California, U.S., March 22, 2023. REUTERS/Mike Blake/File PhotoApril 19 (Reuters) - Virgin Orbit Holdings Inc on Wednesday blamed a dislodged filter for its failed rocket launch in January and said it was planning a flight later this year as the issue has been fixed. The satellite launch company, founded by billionaire Richard Branson, filed for Chapter 11 bankruptcy protection earlier this month as it struggled to secure long-term funding following the failed launch. The January mission using Virgin Orbit's centerpiece LauncherOne rocket, the first rocket launch out of Britain, failed to reach orbit and sent its payload of commercial and defense-related research satellites plunging into the ocean. "Ground test results matched flight data, confirming the dislodging of the filter as the initiation event of the January launch failure," Virgin Orbit said on Wednesday.

☆ Analysis: Rocket startups face adapt-or-die moment amid investment drought
▼ + stars: | 2023-04-17 | by ( Joey Roulette | ) www.reuters.com time to read: +5 min

Venture investment in space startups has dropped 50% year-over-year in 2022 to $21.9 billion, according to VC firm Space Capital. Astra Space (ASTR.O), which ditched its small Rocket 3.3 for a planned, larger Rocket 4 in the next few years, has struggled to bring its stock price above $1, facing delisting threats from Nasdaq. Despite the startups' struggles, launch demand has soared after sanctions following Russia's invasion of Ukraine cut off access to Russian rockets. Recent failures with Europe's Arianespace's Vega-C rocket have added to demand in the U.S., outstripping the number of available rockets. Private plans to deploy mega-constellations, vast swarms of satellites in low-Earth orbit, have also given launch startups hope for future demand.

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