The world has known some of the famous companies who are into the space race, such SpaceX by Elon Musk, Blue Origin by Jeff Bezos, and Virgin Galactic by Sir Richard Branson. Now, there’s another company that wants to enter the race, which is Orienspace (Oriental Space) from China.
A round of investment amounting to 400 Million CNY (around 59.8 million USD) was received by Oriental Space (Shandong) Technology Co., Ltd. The surreal amount will be used for RND (research and development) and for launching the medium-class orbital launch vehicle called ‘Gravity-1’, based on the WeChat article of Orienspace.
’Moreover, the fund will be used to hasten the development of a 100-ton reusable liquid oxygen and kerosene rocket engine. With regards to this, they’re targeting the first launching of the rocket by mid-2023, aiming to participate in ‘global commercial space launches’.
Image | Orienspace
” The white paper “2021 China’s Aerospace” clearly points out that the development of commercial aerospace is encouraged and guided. We firmly believe that the future of China’s commercial aerospace will be more exciting, and will continue to uphold the ideal of ‘ exploring space from the East, exploring space for the East ‘, bravely Climb the peak of science and technology, serve the overall development of the country, explore the characteristic path of China’s commercial aerospace development step by step, and contribute vigorously to the innovation and development of China’s aerospace industry. Adhere to strictness and meticulousness, and make every effort to ensure the success of the ‘Gravity-1’ flight. “
The Oriental Space team said.
To know more about Oriental Space, here’s their official WeChat article.
YugaTech.com is the largest and longest-running technology site in the Philippines. Originally established in October 2002, the site was transformed into a full-fledged technology platform in 2005.
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