Virgin Orbit's LauncherOne at Spaceport Cornwall being prepared for the "Start Me Up" mission. Company CEO Dan Hart said Feb. 7 that a problem with a minor component may have caused the launch to fail. Credit: Spaceport Cornwall
Hart did not discuss the financial status of the company amid concerns about available cash. The company has raised $55 million in debt since November from Virgin Investments Limited, the investment arm of Virgin Group, but its recent cash burn rate suggests it could run out of funds as soon as the second quarter.
Publicly, he was upbeat about the company’s future plans. “For us, it’s about ramping this year. We see a market that continues to develop,” he said. “We will see demand grow and we need to grow with it.”
Vega C investigation update
Virgin Orbit was not the only company on the panel that has suffered a recent launch failure. Avio is the prime contractor for the Vega C rocket, which failed to reach orbit on a Dec. 20 launch, destroying two Pléiades Neo imaging satellites for Airbus Defence and Space.
Giulio Ranzo, chief executive of Avio, said he could not comment on the investigation, led by Arianespace and the European Space Agency, since it is still in progress. “It will be released very soon, though.”
He confirmed, though, that the failure was linked to the rocket’s second stage, which is different from the second stage on the original Vega rocket. That could allow the Vega to return to flight first while modifications are made to the Vega C.
“The former version of the rocket is unaffected by this accident,” he said. “In 2023, we need to come back to flight with Vega C. We do have the luxury of using the previous version of the rocket as well to fulfill the market demand.”
Hart did not discuss the financial status of the company amid concerns about available cash. The company has raised $55 million in debt since November from Virgin Investments Limited, the investment arm of Virgin Group, but its recent cash burn rate suggests it could run out of funds as soon as the second quarter.
Publicly, he was upbeat about the company’s future plans. “For us, it’s about ramping this year. We see a market that continues to develop,” he said. “We will see demand grow and we need to grow with it.”
Vega C investigation update
Virgin Orbit was not the only company on the panel that has suffered a recent launch failure. Avio is the prime contractor for the Vega C rocket, which failed to reach orbit on a Dec. 20 launch, destroying two Pléiades Neo imaging satellites for Airbus Defence and Space.
Giulio Ranzo, chief executive of Avio, said he could not comment on the investigation, led by Arianespace and the European Space Agency, since it is still in progress. “It will be released very soon, though.”
He confirmed, though, that the failure was linked to the rocket’s second stage, which is different from the second stage on the original Vega rocket. That could allow the Vega to return to flight first while modifications are made to the Vega C.
“The former version of the rocket is unaffected by this accident,” he said. “In 2023, we need to come back to flight with Vega C. We do have the luxury of using the previous version of the rocket as well to fulfill the market demand.”
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