Eric Schmidt becomes head of space travel start-up Relativity Space

A new job for the former Google boss: Eric Schmidt is taking over the management of the space travel start-up Relativity Space. Schmidt informed the company's staff on Monday that he had also invested a large sum in the company, giving him a majority stake. Two informants with knowledge of the meeting told the US daily New York Times. Schmidt was head of the internet company Google from 2001 to 2011, but no longer held a management position.

Schmidt will succeed Timothy Ellis as chief executive. Ellis founded Relativity Space in 2015 together with Jordan Noone, who served as Chief Technology Officer until 2020 and is now an advisor to the company. The two previously worked at the US aerospace company SpaceX.

Relativity Space wanted to 3D print rockets

Relativity Space's aim is to develop rockets for low-cost satellite transportation into space. The company wanted to achieve this by using 3D printing processes.

The first rocket was the Terran 1, which consisted of around 85 percent 3D-printed parts. The first flight took place in March 2023. However, the rocket exploded a few minutes after launch before it could reach Earth orbit.

A month later, Relativity Space announced that it was abandoning the Terran 1 and would instead focus on developing the larger Terran R. The reusable rocket, which consists of significantly fewer 3D-printed parts, is intended to compete with SpaceX's Falcon 9. The first flight is planned for next year.

The amount of Schmidt's investment has not been disclosed. Relativity Space has so far raised around two billion US dollars in several rounds of financing. The company is valued at between four and six billion US dollars.

(wpl)