Porsche Dynasty is Taking on Jeff Bezos and Elon Musk in Space
DannyB writes:
The Porsche dynasty is taking on Jeff Bezos and Elon Musk in space
Porsche SE, the family holding company that controls Volkswagen Group, is the latest big investor to bet on space's crucial role in developing future technologies.
The company, controlled by the related Porsche and Piech families that turned Volkswagen into a global powerhouse, on Wednesday unveiled an investment into Germany's Isar Aerospace, a space startup attempting to rival Jeff Bezos' Blue Origin and Elon Musk's SpaceX with rocket production and satellite launch services.
While Blue Origin and SpaceX are backed by billionaires and already racing ahead with manned space missions, Isar Aerospace believes it can compete in the growing market for launching small satellites into Earth's orbit. It's planning its first test flight for next year.
[....] "The funding will allow Isar Aerospace to further invest in its launch, testing, and manufacturing infrastructure for its largely automated rocket production and commercial operations," Isar Aerospace said in a statement on Wednesday.
[....] Commercial demand for the launch of small satellites is expected to grow significantly in the coming years, as companies in traditional and emerging industries come to rely more heavily on satellite technology to run software applications.
[....] Although a relatively small deal for Porsche SE, it's a notable move for a business that's invested overwhelmingly in automotive businesses and is the latest example of the space race taking hold between private companies and their billionaire backers.
Will space become the next gold rush?
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