The failure of the Virgin Orbit satellite has distracted investors from the ‘real gold’ in Britain’s space industry, a major fund manager has warned.
Mark Boggett, who runs London-listed Seraphim Space, said bosses should focus on boosting home-grown space talent – rather than high-profile industry setbacks.
Lost in space: The first satellite mission from UK soil failed to reach orbit in January because its rocket fuel filter became dislodged
The first satellite mission from UK soil failed to reach orbit in January because its rocket fuel filter became dislodged.
Boggett said: ‘People are so focused on Virgin Orbit, they have no idea where the real gold is for the UK – but it will become clear’. The 51-year-old said the UK was a world leader, attracting more investment in space projects than any country apart from China and the US.
Boggett’s comments follow warnings from across the industry that ‘difficult’ regulations in the UK are threatening its competitive edge.
Joshua Western, who runs satellite maker Space Forge, said: ‘The right questions are being asked but the speed of the process is where we’re losing.’ And Virgin Orbit boss Dan Hart said the regulatory landscape was ‘difficult’.
