VR Education Holdings PLC (LON:VRE) shares were given a boost on Friday as it extended a commercial agreement for its Apollo 11 virtual reality (VR) experience with the US Space and Rocket Center in Huntsville, Alabama.
The tech firm said the agreement with the aerospace museum will now run for another 12 months, over which time the company will continue to take a cut of ticket sales for the experience.
VR Education’s chief executive David Whelan said the extension had followed a “highly successful trial period” from 10 June which had produced “an additional revenue stream for both parties involved”.
“We look forward to continuing our strong working relationship with the U.S. Space and Rocket Center and allowing their visitors to experience one of the greatest moments of our time", he said.
ENGAGE launched on HUTC Viveport
Meanwhile, the company also said its ENGAGE platform, which allows users to create virtual classrooms and other environments, has been launched on HTC’s Viveport app store which supports android devices such as the HTC’s Vive Focus and Vive Focus Plus, which targets professional and corporate clientele.
HTC has a strong presence in the Asian market and recently partnered with China Mobile to launch an initiative to test pre-commercial 5G devices on a large scale with the aim of developing new applications for VR ahead of commercial 5G rollouts next year.
Whelan said the launch on Viveport meant ENGAGE will now be available in the “rapidly growing Asian market…and will appeal to businesses and corporations seeking to provide rapid deployment of training materials to their workers”.
He added that with “increased policy support and [the] 5G rollout”, the Chinese VR market alone is expected to be worth US$7.9bn by 2021.
VR Education shares were up 7.1% at 7.5p in lunchtime trading.
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