Phoenix Project (NYSE: PHPSO) has received $1 billion in new funding to build a space station capable of serving as the world’s largest low-Earth orbit laboratory and possibly as a destination for humans for future missions to Mars.
The $1,632.5 million award for the Stargate Project is the largest ever awarded by the United States Government for a project of this magnitude.
The project will utilize a mix of NASA funds and private funding to bring the station to fruition.
Phoenix is the first privately-funded commercial company to successfully launch a satellite into orbit, according to NASA.
In addition to the funding, Phoenix is also partnering with a number of private companies to create the world-class satellite-processing facilities and other facilities to support the construction of the station.
The company has committed $100 million to the project and is seeking additional funding to support a series of major projects to build the new facility.
The company says the new funding will be used to build its advanced spacecraft manufacturing facilities, build the launch pad, and develop additional spacecraft systems.
The new funds will allow the company to build and operate the first-stage rocket that will launch Phoenix’s new satellite into space.
Phoenix will also continue to develop its own advanced satellite processing systems and technology.
The first stage of the rocket will launch from Kennedy Space Center in Florida and burn up in the atmosphere before reaching its final destination, which is a high-altitude orbit that is approximately 1,300 miles above the Earth’s surface.
This high-gain orbit will allow Phoenix to transmit communications and control data to and from the station, while also providing an unprecedented level of communications capacity.
The space station will eventually become a platform for a variety of NASA missions.
The space station could also serve as a research station and be used as a base for a future human mission to Mars, Phoenix says.
Phoenix is currently in the midst of completing construction of its first satellite, a 100-foot-tall (33 meters) structure that will provide enough room to house eight people.
The structure is being built at a cost of $25 million.
Phoenix says the satellite is scheduled to launch in 2019.
The project was launched by President Donald Trump in December.
The $1 trillion project will consist of four launch pads: Kennedy Space Centre, Cape Canaveral Air Force Station, Wallops Island, and Vandenberg Air Force Base.
Phoenix has not announced plans to build any more facilities in the future.