Reportedly, Boeing (NYSE: BA) has agreed to invest $20 million for a minority stake in a start-up that is gearing up to fly its customers into space next year, Virgin Galactic founded by U.K. billionaire Richard Branson. Virgin Galactic is also preparing to reduce global airline travel time to two hours or less enabling high-speed travel for air travelers. The collaboration aims to shape the future of human space travel at hypersonic speeds above the Earth’s atmosphere, as per reports.
Boeing’s investment is “a catalyst for broader collaboration and deeper collaboration,” stated Virgin Galactic Chief Executive Officer George Whitesides.
Boeing is reported to make the investment in the start-up via its arm HorizonX Ventures. However, Boeing’s investment is dependent on Virgin Galactic going public by year-end as part of its merger with Social Capital Hedosophia Holdings Corp, with Social Capital securing a 49% stake in the merged company.
Dow 30 component Boeing (NYSE: BA) is the world’s largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems. To learn more about Boeing (BA) and to track its ongoing progress please visit the Vista Partners Boeing (BA) Coverage Page.
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