🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Musk's SpaceX rocket production facility approved by Port of Los Angeles

Published 02/25/2020, 09:17 PM
© Reuters. FILE PHOTO: SpaceX's Elon Musk gives an update on the company's Mars rocket Starship in Boca Chica
TSLA
-

By Steve Gorman and Joey Roulette

LOS ANGELES (Reuters) - SpaceX, the private rocket company of high tech entrepreneur Elon Musk, won final approval on Tuesday to build a research and manufacturing plant for its deep-space Starship project on a tract of vacant land at the Port of Los Angeles.

The Los Angeles City Council granted a permit for the facility by a unanimous 12-0 vote, paving the way for Musk, also the founder of Tesla Inc (O:TSLA) electric car company, to proceed with an accelerated development of a new spacecraft and rocket system designed to carry humans to the moon and Mars.

The L.A. Board of Harbor Commissioners gave its go-ahead to the 10-year permit last week.

"It's crazy that here we are in 2020 preparing ourselves to send people to Mars, and it's going to happen in our backyard," Councilman Joe Buscaino, whose district includes the port, said before Tuesday's vote. "We are becoming a spaceport."

Operations at the facility will actually be confined to research, design and fabrication of aerospace components. Space vehicles built there are not permitted for launch but will be transported out of the port complex by barge or ship.

The council action clears the way for SpaceX to begin leasing 12.5 acres (5 hectares) of property on Terminal Island for its Starship plant at a starting rent of $1.7 million a year, with an option to expand its site to 19 acres.

The company, formally known as Space Exploration Technologies, has an option to terminate the permit within 180 days.

SpaceX secured a similar permit two years ago, but canceled it and moved its initial phase of the Starship project to Texas, where the company has developed and tested an early prototype dubbed Starhopper.

The Los Angeles Port site will bring further Starship development closer to SpaceX's headquarters in the L.A. suburb of Hawthorne, where it has manufactured its workhorse Falcon 9 rockets and Dragon crew capsules.

The future facility, which may incorporate renovations to abandoned warehouse and workshop structures on the site, is expected to provide 130 new jobs, according to Musk.

As designed, the Starship itself is actually the top half of a colossal interplanetary rocket system that will stand 387 feet (118 meters) tall and be capable of ferrying dozens of humans to the moon and Mars in a single launch.

© Reuters. FILE PHOTO: SpaceX's Elon Musk gives an update on the company's Mars rocket Starship in Boca Chica

Musk has said that he hopes the Starship will be ready for its first orbital test flight later this year.

(Reporting and writing by Steve Gorman in Los Angeles; Additional reporting by Joey Roulette in Washington; editing by Grant McCool)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.