The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Vection Technologies (VR1) enters a partnership to develop a virtual reality platform to take the public to outer space
  • Vection will become the exclusive provider of virtual reality and metaverse technologies in a two-year MoU with Thales Alenia Space, Next One Film Group, and ALTEC
  • Together, the parties will develop ‘Lunar City’ ahead of NASA’s Artemis program and will capture visual data from the journey to implement into a VR experience
  • The platform would also allow users to watch live experiments from space while enabling training for astronauts and space tourists
  • VR1 shares were up 5.71 per cent trading at 7.4 cents at 12:55 pm AEDT

Vection Technologies (VR1) has entered into a partnership to develop a virtual reality platform that aims to take the public to space.

Vection has been appointed as the exclusive provider of virtual reality and metaverse technologies through a two-year memorandum of understanding (MoU) executed between VR1, Thales Alenia Space, Next One Film Group and ALTEC.

Ahead of NASA’s Artemis program to return astronauts to the moon, the parties will work together to develop ‘Lunar City’, a platform that will capture video imaging data from cameras and sensors onboard space modules and aircrafts which will be implemented into virtual reality visualisation.

Vection said through the flagship project, Travel Space Real Time, Lunar City would allow the public to “reach space” in real-time through a “fully immersive virtual reality experience”.

The platform would also allow users to watch live experiments from space while enabling training for astronauts and space tourists.

The parties intend to test the technology and commercial opportunities on current space missions with commercial space companies.

The shared vision of this MoU is to leverage space content to foster business opportunities with space operators and agencies as well as promoting space tourism.

Together, the parties will work to develop a business plan, seek video content exclusivity agreements, and establish sales channels for the platform.

While the financial impact of the agreement is not yet determined, Vection anticipates it will be material.

Thales Alenia Space is the largest manufacturer of satellites and space modules in Europe and contributed several pressurised modules for the International Space Station.

VR1 shares were up 5.71 per cent trading at 7.4 cents at 12:55 pm AEDT.

VR1 by the numbers
More From The Market Online

The hottest ASX takeover of the month isn’t what you think

The hottest takeover deal of the month doesn't have anything to do with Seven (ASX:SVM) and…

Nick Scali moves into the UK market through Fabb Furniture acquisition

Nick Scali has acquired UK-based Anglia Home Furnishings, operating under the brand Fabb Furniture.

Aus inflation read of 3.6% spooks ASX – before quickly returning to green

Australian inflation has come in mixed with an increase of 1% in the March quarter, but…