This Week In Space Industry (30/03/2024)

Greetings Detectives

Welcome to Rocket Roundup, Your favorite space newsletter! Let's embark on this cosmic journey together! In This Issue:

• Boeing sued Virgin Galactic

• UK Space Agency moving HQ

• ispace Raises $53.5 million in Stock Sale

Boeing sued Virgin Galactic over trade secrets and missed payments

Boeing and subsidiary Aurora Flight Sciences have filed a lawsuit against Virgin Galactic, alleging non-payment of over $25 million and misappropriation of trade secrets related to a mothership project. Virgin Galactic allegedly halted payments after the completion of preliminary design work, with outstanding invoices totaling nearly $26.4 million. Boeing and Aurora claim Virgin Galactic retained proprietary information inadvertently provided during the project. Virgin Galactic has yet to comment further on the lawsuit. (Read More)

Texas Unveils its Space Commission, Names Board

Texas Governor Greg Abbott unveiled the new Texas Space Commission, aimed at bolstering the state's presence in the national space industry. The commission, announced at NASA's Johnson Space Center, will focus on space exploration and commercial aerospace opportunities, managing grants through the Space Exploration and Aeronautics Research Fund. Notable board members include Kathy Lueders from SpaceX and John Shannon from Boeing. Additionally, the Texas Aerospace Research and Space Economy Consortium (TARSEC) will integrate space industries into the state's economy, with executives from Firefly Aerospace and CesiumAstro leading the charge. (Read More)

UK Space Agency moving HQ to Harwell space cluster

The UK Space Agency (UKSA) is relocating its headquarters to the Harwell Science Campus in England, aiming to enhance collaboration with the commercial space industry. Previously based in Swindon, UKSA's move aligns with feedback emphasizing closer ties with the sector. CEO Paul Bate views this as a pivotal moment, while Harwell Campus CEO Stuart Grant expects it to solidify the area's status as a global space hub. UKSA will maintain presence in Swindon and London and establish new offices across England, Wales, and Scotland to foster regional skills and job opportunities in the rapidly growing domestic space sector, currently valued at £17.5 billion ($22.1 billion) annually (Read More)

ispace Raises $53.5 million in Stock Sale

The Tokyo-based lunar lander company completed a sale of 10.25M shares, raising a USD equivalent of $53.5M from non-domestic institutional investors. This capital infusion will support the development of upcoming lunar missions, primarily Mission 3 for NASA's Commercial Lunar Payload Services program. Additionally, funds will cover costs for relay satellites, launch services, and lander production, as the company aims to address previous setbacks and achieve successful moon landings. (Read More)

Ingersoll Rand To Acquire ILC Dover for $2.3B

Ingersoll Rand announced its acquisition of ILC Dover, a renowned space industry player known for spacesuits and inflatable modules, from New Mountain Capital for $2.325 billion in cash, potentially rising to $75 million based on 2024 performance. While ILC Dover's main focus is pharmaceutical and life sciences, its aerospace segment, integral to historic missions like Apollo, presents growth opportunities in the fast-growing aerospace market. The deal, expected to close in Q2, allows Ingersoll Rand to tap into new customer bases and expands its presence in the space sector. (Read More)

GMV secured a $85M ESA contract to help build 5 PNT LEO birds

GMV secured a 78.4 million euro contract from the European Space Agency (ESA) to spearhead the development of a five-satellite Low-Earth Orbit (LEO) constellation for positioning, navigation, and timing (PNT). The deal encompasses payload design, launch services, ground segment support, receiver development, system operations, and service demonstrations. The satellites will transmit signals across multiple bands and feature an "LEO shield" integrity function. GMV will manage the mission with partners including OHB System AG, Alén Space, Beyond Gravity, and Indra, aiming to launch the first satellite within two years and complete the constellation by 2027. (Read More)

• ESA and ISRO explore increased cooperation

• Vast Space hires former Voyager Space executive

• Intuitive Machines Files $300M Shelf Offering

• Planet Announces $20M Agreement with Carbon Mapper

• President Joe Biden signed the remaining six FY24 appropriations bills into law, including $28.9B for the Space Force.

• Katalyst Joins DARPA to Demo the Upgrade Economy in Orbit

DISCLAIMER: (Rocket Roundup is an independent publication and is not affiliated with any government agency or space organization)