LONG BEACH, CA & SEOUL, Republic of Korea–(BUSINESS WIRE)–Virgin Orbit (Nasdaq: VORB), a leading launch provider, today announced that it has signed an agreement with South Korean investment group J-Space. The agreement will allow the companies to evaluate candidate spaceport launch sites in South Korea, with the aim of providing satellite launch services from there using Virgin Orbit’s LauncherOne system. The cooperative effort is designed to act as a catalyst for Korea’s booming market for space and small satellite solutions, stimulate local economic growth, and provide the South Korean government with a flexible and responsive launch capability in support of a wide range of mission applications.
In pursuit of its mission to transform South Korea’s space industry, J-Space seeks to leverage Virgin Orbit’s unique mobile launch system and ability to provide nations with key small satellite launch capability. in hand that can quickly become fully operational, thereby satisfying both commercial and civil government. , and defense requirements.
Leveraging local expertise and funding from J-Space and launch and mission expertise from Virgin Orbit, the partnership will focus initial efforts on connecting with local South Korean high-tech industries and formulation of end-to-end mission solutions that will benefit the nation and the region at large. The partners aim to develop a roadmap that will result in the identification and operations of the launch site, the delineation of specific investor and corporate targets, and the identification of key partners in the region. The roadmap will seek to define the steps necessary to allow LauncherOne’s first flights to take place from South Korea in as little as 12 to 18 months.
“We are delighted to enter into this exclusive agreement with J-Space to provide launch operations and space services for the South Korean market,” said Dan Hart, CEO of Virgin Orbit. “The Korean space industry has made tremendous progress in recent years, both in the commercial and government sectors, with the South Korean government increasing its space budget by more than twenty percent in the past year alone. We are excited about growth and partnership opportunities in the region which could include participation in an industrial base in South Korea and we look forward to working with the visionary team at J-Space to accelerate a flexible launch solution from the peninsula Korean in the near future.”
Bongki Min, CEO of J-Space, expressed his enthusiasm for the partnership, noting, “Our work with Virgin Orbit unlocks the potential for unparalleled access to space from South Korea, enabling many new companies to space utilization in Korea by providing affordable and flexible services. , and quick launch. We want to develop and expand the current South Korean space infrastructure, thereby helping to strengthen our role as a world leader in space. Our relationship with Virgin Orbit provides a key catalyst for this growth.
About Virgin Orbit
Virgin Orbit (Nasdaq: VORB) operates one of the most flexible and responsive space launch systems ever built. Founded by Sir Richard Branson in 2017, the company began commercial service in 2021 and has already put commercial, civilian, national security and international satellites into orbit. Virgin Orbit’s LauncherOne rockets are designed and manufactured in Long Beach, Calif., and are launched from a modified 747-400 carrier aircraft that allows Virgin Orbit to operate from locations around the world to better respond to needs of each client. Learn more about www.virginorbit.com and visit us at LinkedInon Twitter @virginorbitand on Instagram @virgin.orbit.
J-Space was founded in January 2022 to conduct satellite launch and space-related activities. Its mission is to provide domestic and foreign companies with the necessary tools to be competitive in the commercial space industry. J-Space is the first satellite launch service targeting the Asian market.
Caution Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of federal securities laws, including with respect to planned space activities and launches in South Korea. These forward-looking statements are generally identified by the words “believe”, “project”, “expect”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “opportunity “, “plan,” “may,” “should,” “will,” “would,” “will,” “will,” “will likely,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, therefore, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release, including, but not limited to, the Company’s ability to access sources of capital; its ability to increase its market share in the developing space economy; market acceptance of its current and anticipated products and services and its ability to achieve sufficient production volumes, and the factors, risks and uncertainties included in the company’s quarterly report on Form 10-Q for the period ended on March 31, 2022, and in the Company’s subsequent filings with the Securities and Exchange Commission (the “SEC”), available on the SEC’s website at www.sec.gov and the Investor Information section of the Company’s website at www.virginorbit.com. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and Virgin Orbit undertakes 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. Virgin Orbit does not guarantee that it will meet its expectations.