Boeing announced on Tuesday that the company is investing $20 million into Virgin Galactic, a vertically integrated human spaceflight company to broaden commercial space access and transform global travel technologies.
Boeing’s investment will be in return for new shares in Virgin Galactic and is contingent on the closing of that transaction, which is expected to close in the last quarter of 2019.
“The unique expertise of our companies stretches from points all around the world to the deepest reaches of space. Together we will change how people travel on Earth, and among the stars, for generations to come,” said Leanne Caret, 2019 Wash100 Award recipient, president and CEO of Space & Security for Boeing Defense.
Virgin Galactic is a pioneer of commercial human space flight and is the first and only company to have put humans into space in a vehicle built for commercial service. The company has the manufacturing and development capabilities to design, build, test, and operate a fleet of advanced aerospace vehicles.
Boeing has unsurpassed experience transporting people to orbit and building and operating large structures in that challenging environment. Boeing serves as NASA’s prime contractor for the International Space Station (ISS) and is preparing the new, reusable, Starliner space capsule for launch to the ISS.
“Boeing’s strategic investment facilitates our efforts to drive the commercialization of space and broaden consumer access to safe, efficient, and environmentally responsible new forms of transportation,” said Brian Schettler, senior managing director of Boeing HorizonX Ventures. “Our work with Virgin Galactic, and others, will help unlock the future of space travel and high-speed mobility.”
Boeing is the world’s largest aerospace company and leading provider of commercial airplanes, defense, space and security systems, and global services. As the top U.S. exporter, the company supports commercial and government customers in more than 150 countries. Boeing employs more than 150,000 people worldwide and leverages the talents of a global supplier base. Building on a legacy of aerospace leadership, Boeing continues to lead in technology and innovation, deliver for its customers and invest in its people and future growth.