Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Virgin Orbit Holdings tumbles to earth after rocket fails to reach orbit following historic UK launch

Published 10/01/2023, 07:01
Updated 10/01/2023, 07:40
© Reuters.  Virgin Orbit Holdings tumbles to earth after rocket fails to reach orbit following historic UK launch
ORBT
-
RKT
-

Proactive Investors - Shares in Virgin Orbit Holdings Inc (NASDAQ:VORB) are heading fast back to earth after a technical failure meant the company failed to take its commercial payloads into orbit, in what was meant to be the first orbital space launch from UK soil.

Takeoff using its converted Boeing jumbo jet - nicknamed Cosmic Girl - from Spaceport Cornwall was successful and after reaching altitude the LauncherOne rocket was unclipped and ignited its engines.

It flew at hypersonic speeds and successfully reached space, before also completing the next stage of separation.

"At some point during the firing of the rocket’s second stage engine and with the rocket travelling at a speed of more than 11,000 miles per hour, the system experienced an anomaly, ending the mission prematurely," the company said.

Cosmic Girl had by this stage returned safely to Cornwall.

Virgin Orbit chief executive Dan Hart acknowledged that the company “failed to provide our customers with the launch service they deserve".

He hailed the “many things that we successfully achieved as part of this mission” and said only that “technical failure appears to have prevented us from delivering the final orbit”.

It was the company's first overseas mission and the first launch from Spaceport Cornwall, which only in November became the UK's first licensed spaceport under the UK Civil Aviation Authority (CAA), the nascent UK space launch sector's new regulator.

Melissa Thorpe, head of the Newquay-based converted airport, added: “We are so incredibly proud of everything we have achieved with our partners and friends across the space industry here in the UK and in the US – we made it to space – a UK first.

“Unfortunately we learned that Virgin Orbit experienced an anomaly which means we didn’t achieve a successful mission. Today we inspired millions, and we will continue to look to inspire millions more. Not just with our ambition but also with our fortitude. Yes, space is hard, but we are only just getting started.”

Matt Archer, director of commercial spaceflight at the UK Space Agency, said: “We have shown the UK is capable of launching into orbit, but the launch was not successful in reaching the required orbit. We will work closely with Virgin Orbit as they investigate what caused the anomaly in the coming days and weeks. While this result is disappointing, launching a spacecraft always carries significant risks.

“Despite this, the project has succeeded in creating a horizontal launch capability at Spaceport Cornwall, and we remain committed to becoming the leading provider of commercial small satellite launch in Europe by 2030, with vertical launches planned from Scotland.”

Virgin Orbit shares are set for a 28% fall when trading opens in New York on Tuesday, according to after-market trading.

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.