Expenses slashed as hopes dashed for UK space pioneer
he was in talks with the UK space biz. A leaked term sheet seen by Reuters had suggested funding of $200 million might be available. That now appears to have failed to materialize. Earlier, the business ended all operations to"conserve capital" while it looked for funding to stave off bankruptcy, reportedly treating its staff to an unpaid furlough.
The UK government and space industry had high hopes for Virgin Orbit as part of a wider industrial strategy based on space engineering and launch capability.science minister George Freeman congratulated Virgin Orbit on a successful US mission . “It’s incredible to see Cosmic Girl and LauncherOne in action before they head to Spaceport Cornwall. We are in a strong position to capitalize on the growing global demand for small satellite launch and to do so in a way that will keep space and our planet sustainable for future generations,” he said.
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