Although Rocketplane Kistler has failed to secure additional funding for its K-1 orbital vehicle, company officials said the project still is headed toward success.
The Oklahoma City company received a $207 million contract from NASA to help finance a demonstration flight at the International Space Station in 2009, but it still needs to secure millions more before the year is over.
Chief Executive Officer George French said a declining market is to blame for the aerospace company's lack of private funding.
"We were moving successfully toward that pipeline until the market went bad,” French said. He would not specify how much private funding the company needs to secure for the K-1 project but said it's "hundreds of millions.”
French said the company is making headway in securing investors for the project. He said though the deadline for the funds is fast approaching, he's confident Rocketplane will get the funding it needs.
"All of the money we need is on the table, but it's in these different pockets,” French said.
French said NASA has suspended matching funds for the K-1 project, which is expected to deliver water and other supplies to the International Space Station, until Rocketplane has a stream of private money. "NASA is working with us,” French said. "They think we have a good chance.”
Rocketplane Kistler and Space Exploration Technologies (SpaceX), a California-based company, won a 2006 competition to share up to $485 million in NASA funding to help finance a demonstration flight. As part of the transportation services program, the companies are given a portion of the $485 million after they complete various milestones. NASA will decide which company will be a service provider to the space station.
In February, Rocketplane completed a systems requirement review milestone, examining how the company's K-1 reusable cargo transportation system will connect to the space station. Securing funding is one of the milestones the companies need to meet.
George French III, like his father, said he believes the company will secure the funding it needs. "The process is just taking longer than we thought.”
