Virgin Galactic eyes Italy for space tourism expansion

Virgin Galactic Holdings (NYSE:SPCE ) Inc. is actively exploring the potential to operate its space tourism flights from Italy. The company is set to initiate discussions with the Italian Civil Aviation Authority on Thursday to consider the possibility of using Grottaglie Spaceport, located in the Puglia region, for future missions.

The aerospace company, founded by entrepreneur Richard Branson, has experienced a suspension of flights that has negatively impacted its stock value. By potentially expanding operations to the European nation, Virgin Galactic aims to recover and grow its space tourism ventures.

Currently, Virgin Galactic launches its suborbital flights from Spaceport America in New Mexico, where it has successfully transported passengers to the edge of space. The proposed expansion to Italy would represent the company's first foray into the European market and the inaugural space tourism flights from the country.

The timeline for when these flights might commence is not yet defined. The agreement with Italian authorities will begin a detailed two-year feasibility study to assess the practical aspects of establishing operations in Italy.

Mike Moses, who is responsible for Virgin Galactic’s commercial spaceflight operations, expressed optimism about the potential benefits of an Italian spaceport. In his conversation with Bloomberg on Thursday, Moses highlighted Italy's strategic location, which could serve a diverse clientele from Europe, the Middle East, and other regions. He projected that a fully operational spaceport could potentially generate annual revenues nearing $1 billion.

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Source: Investing.com