As Virgin Orbit plans to end its merger with a SPAC, the launch source announces a series of partnerships and investments. This is in order to diversify its company.
Shareholders in NextGen Acquisition Corp. II plan to vote on 28th December on its merger with Virgin Orbit. Such votes are generally the final step in closing a SPAC deal, transforming Virgin Orbit into a publicly traded firm on the Nasdaq.
In an announcement on 23rd December, Virgin Orbit and NextGen mention the following –
- The Virgin Group made an agreement to invest up to $100 million as an additional PIPE.
- The specific amount is to be determined by the amount of investment, if any, necessary in order to fulfill the minimum cash condition as defined in the merger agreement.
“This venture will ensure that Virgin Orbit has the capital necessary to go and develop upon its incredible foundation. In addition, it continues a quick transition. This is into a successful industrial space launch firm,” Virgin Orbit founder Richard Branson says in the statement.
The co-founders of NextGen, George Mattson, and Gregory Summe mention the following in the statement that –
- Responsibility from the Virgin Group indicates “we imagine we have a clear path to a productive closing of our merger.”
As the SPAC merger ends, Virgin Orbit has been announcing a series of ventures and partnerships. This is with satellite producers and operator startups. Among the revelations was a $30 million Series B investment by Virgin Orbit into Polish firm SatRevolution on 14th December. This is with a valuation that firm at $150 million. SatRevolution is expanding a smallsat constellation of imaging satellites and has launched some of its satellites on Virgin Orbit’s LauncherOne.
Virgin Orbit announces on 15th December that it is taking a 17.5% stake in Hypersat, a Virginia-based geospatial analytics firm. This creates a constellation of hyperspectral imagery satellites that will be released by Virgin Orbit. The firms did not disclose the dollar worth of that investment.