ELV SpA Formed to Develop Italian Vega Rocket

A new company, ELV SpA, has been formed to develop the planned Vega small launch vehicle. FiatAvio has taken a 70% stake in the company, with the remaining 30% taken by the Italian Space Agency (ASI). ELV Ltd. will be responsible for managing a five-year contract valued at US$212.8 million (230 million euros) to develop Vega. Vega is scheduled to have its first launch in mid-2005. ASI is funding 65% of the restructured Vega development program.

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