Subscribe free to our newsletters via your
. Space Travel News .

U.S. Bank Helps Fuel Future Space Flight as Bank behind SpaceX
by Staff Writers
Hawthorne CA (SPX) Jul 26, 2012

File image: SpaceX Dragon capsule.

Bankers joined scientists on the edge of their seats in May as the SpaceX Dragon capsule successfully berthed with the International Space Station. The SpaceX Dragon was the first privately-owned spacecraft in history to deliver supplies to the Space Station astronauts.

U.S. Bank was the first lender and bank partner of Hawthorne-based Space Exploration Technologies Corp. (SpaceX). With a senior credit facility that supports their day-to-day business, U.S. Bank will continue to support SpaceX as they expand private space flight, delivering supplies to the space station in the years following the retirement of NASA's Space Shuttle program.

"We were thrilled to watch SpaceX make history," said Sean Foley, regional chairman of U.S. Bank in southern California.

"The team at SpaceX deserves tremendous recognition not only for their pioneering role in this new era of space flight, but also for creating a model for efficiency and environmental consciousness in the rockets and capsules they have built. We're proud to be their bank."

The SpaceX Falcon 9 rocket features enhanced reliability, responsiveness and cost over competitors' offerings. The Dragon capsule is a free-flying, fully reusable spacecraft. Upon its return to Earth, the capsule remains intact and is capable of making a return trip to space.

"We were the first bank to extend a credit facility to them with terms that were flexible for the company so they could maintain cash flow to purchase equipment, stock inventory and manage their day-to-day working expenses," Foley added.

"This was significant in that the company had limited operating history, but we were able to structure a facility that worked for them and us."

"U.S. Bank has been an extraordinary partner," said Gwynne Shotwell, President of SpaceX. "While SpaceX continues to push the boundaries of space technology, U.S. Bank's credit facility has really allowed us to run our business effectively."


Related Links
Launch Pad at

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

SpaceX Utilizes Tiger-Tight's Friction Washer Technology For ISS Mission
Staten Island NY (SPX) Jul 24, 2012
Tiger-Tight had its proprietary friction washer technology used by Space Exploration Technologies (known as SpaceX) on the Dragon spacecraft launched atop a Falcon 9 rocket from Cape Canaveral Air Force Station in Florida on May 22, 2012. The Tiger-Tight technology operates on a micro-topographic scale. Industrial diamonds embedded in an electro-less nickel matrix penetrate and interlock w ... read more

Initial build-up is underway for Arianespace's fifth Ariane 5 launch in 2012

U.S. Bank Helps Fuel Future Space Flight as Bank behind SpaceX

HYLAS 2 and Intelsat 20 are prepared for Arianespace's next Ariane 5 mission

Degradation Free Spectrometers Sounding Rocket

Mystery of missing Mars signals solved

Slow-Going at Cape York for Opportunity

ExoMars program gathers strength

Opportunity Runs the First Martian Marathon

Another Small Step for Mankind

Russia starts building Moon spaceship, eyes Lunar base

Plans to revisit Moon impeded by financial difficulties

Russia says no manned moon shots till 2018

Hubble Discovers a Fifth Moon Orbiting Pluto

Hubble telescope spots fifth moon near Pluto

New Horizons Doing Science in Its Sleep

It's a Sim: Out in Deep Space, New Horizons Practices the 2015 Pluto Encounter

UCF Discovers Exoplanet Neighbor

Can Astronomers Detect Exoplanet Oceans

The Mysterious Case of the Disappearing Dust

Study in Nature sheds new light on planet formation

NASA Tests Hypersonic Inflatable Heat Shield

United Technologies to sell Rocketdyne unit to GenCorp

Taiwan to get new powerful rocket system: report

NASA Selects Space Launch System Advanced Booster Proposals

Looking Forward to Shenzhou 10

Argentina, China ink space cooperation deal

Looking Forward to Shenzhou 10

Astronauts in good shape after return

Planetary Resources Announces Agreement with Virgin Galactic for Payload Services

Explained: Near-miss asteroids

The B612 Foundation Announces The First Privately Funded Deep Space Mission

Ex-NASA astronauts aim to launch asteroid tracker

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement