Private company launches 'Falcon 1' into Earth Orbit

29 September 2008 @ 06:02 pm EDT

The first privately developed liquid fuel rocket has entered Earth orbit, ushering in a new era of private space exploration.

On Sunday, Space Exploration Technologies launched its Falcon 1 rocket from Omelek Island, which is 2500 miles s southwest of Hawaii.

"This is a great day for SpaceX and the culmination of an enormous amount of work by a great team," said Elon Musk, CEO and CTO of SpaceX in a statement. "The data shows we achieved a super precise orbit insertion -- middle of the bull's-eye -- and then went on to coast and restart the second stage, which was icing on the cake."

Musk, a multi-millionaire, is the co-founder of online payment company PayPal and chairman of the board of Tesla Motors, a high-performance electric car startup.

Falcon 1 is carrying a simulated payload, a hexagonal aluminum alloy chamber that weighs 364 lbs and stands about five feet tall, designed specifically for Sunday's test mission.

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