Vection teams up with space industry leaders for virtual reality platform
Extended reality (XR) tech company Vection Technologies has executed a binding partnership agreement with Thales Alenia Space, Next One Film Group, and ALTEC to embark on the development of Lunar City, a space-focussed Virtual Reality (VR) metaverse platform.
Lunar City aims to promote space travel and inspire future generations through immersive experiences, ahead of NASA’s Artemis Program which is preparing to return astronauts to the lunar surface.
Vection Technologies (ASX:VR1) was appointed as the exclusive 3D, VR, and augmented reality (AR) provider as part of the partnership, following a Memorandum of Understanding (MoU) and a first revenue-generating contract with the same partners earlier this year.
Although the financial impact of this partnership agreement is not determinable at this time, with direct revenue subject to the successful development and commercialisation of the Lunar City platform, this agreement is anticipated to be material for the company.
The initial goal of the alliance is to unveil the Lunar City platform at the prestigious International Astronautical Congress (IAC) in 2024.
This event in space exploration will mark the first-ever real-time virtual link with the International Space Station, enabling customers to engage with space in an interactive and immersive manner.
By bringing space closer to the public, the partners aim to inspire a sense of wonder and curiosity, fostering a new generation of space enthusiasts and contributing to the advancement of space travel.
“We are thrilled to partner with Thales Alenia Space, Next One Film Group, and ALTEC in this exciting project,” Vection MD Gianmarco Biagi said.
“Through our expertise in immersive technologies, we are excited to enhance the customer experience and offer the public an unprecedented opportunity to explore space through the Lunar City metaverse platform.”
Vection Technologies will contribute its extensive knowledge and experience in 3D, virtual, augmented, and mixed reality technologies to the alliance.
Thales Alenia Space, recognized for its unrivalled satellite and space module manufacturing expertise, will provide invaluable industry knowledge.
Next One Film Group will bring innovative content creation capabilities, and ALTEC will contribute its engineering know-how in aerospace logistics technology.
The partners also aim to establish the Lunar Company, a limited liability company, initially incorporated with Vection Technologies and NextOne Film Group as shareholders.
Thales Alenia Space and ALTEC will retain the option to join the joint-venture company during the next six months.
“With the combined efforts of the partners, the Lunar Company will manage commercial, strategic, sales, and technological activities, ensuring a seamless and customer-centric experience,” Vection said.
“Moreover, the partners will actively promote the project to secure funding from various stakeholders, including institutions and governments, enhancing the platform’s development, and expanding its capabilities.”
This article was developed in collaboration with Vection Technologies Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.