NewSpace, it's not always synonymous of disruptive technology and complex hardware. One of the aspects that characterizes the new space companies is the revolution in production technologies and the use of modern work and organization tools, and together with the use of experience and data from high volume industries for mass production. So high volume industries, I'm thinking about automative, aeronautics and so on. So this is much more difficult to achieve in the old space companies. In fact, historically, in the old space the development and production of launchers, and in particular of heavy launchers, was done by only a few large companies. So these companies were in turn, managed by national agencies, which defined the requirements. So in this business model, the contract value was ultimately defined as the price of development and production plus a margin. So this model was not conducive to major innovations in production methodologies. This is where the opportunity for new space businesses to emerge and grow lies. In fact, by rationalizing this part, it was possible to reduce the cost of launchers. The new space companies were able to build their vertical industrial process, being able to manufacture must of their products in the same production facility. So in this framework they have implemented methodologies and production technologies with one main objective: to reduce the cost. With this model, they have implemented a strategy of incremental innovation, starting with simple products and increasing the requirements for technological equipment and finally introducing innovative technologies. Of course, it must be said that the success of new space companies is also subjected to two requirements. First products that meet a strong demand and second, initial funding from the private sector, either one main funder or several funders. And in this context, it is certain that the initial success of new space companies opens the door to fundraising. Today, new space companies are characterized by their ability to raise funds. Let's do an example. The Merlin engine, which is used on the Falcon 9, is one clear example of what I said. The principal objective was not performances, but price. It is not a sophisticated, innovative engine. SpaceX took an old gas generator designed but rationalized its production in order to reduce its cost. The Merlin engine is a simple engine based on previous design from the 60s, which was mastered and well understood. It uses RP1 and LOX and an open cycle, the gas generator cycle. So it is, let's say yan old fashion engine and the reason for its success is the way it is used and produced. First, it is produced with novel methodologies, including modern production techniques, computer aided and quality control. Chamber and turbo machineries are produced with additive manufacturing process, which allow to reduce the amount of time for production. Second, since the same engine is used in cluster for the first stage and as one engine in the second stage, it allows to reduce the different engines needed for one single launcher instead of one having different engine for the first stage in the second stage is the same engine. So this is a revolution, and it is the model that a lot of other launchers are taking into consideration now. Specifically, there have been several versions of the Merlin engine, but the last one, the 1D+, has two versions for sea level and for vacuum. It is used in a cluster in the first stage of the Falcon 9 (nine engines) and alone so one engine in its vacuum version for the upper stage. Thus ten engines are needed for one Falcon 9. This aspect and the requirements for an high launch frequency make the necessity to produce the Merlin engine within high frequency. Third, this has been done by putting in place assembly line productions. That's permitting to reduce the production cost. So over all, the price of a Falcon 9 is five to seven times lower than other old space heavy launchers. So and today the rate of production of Merlin engine is around five engine per week. And the Merlin engines is also used on the Falcon Heavy, twenty-eight Merlin engine for one launcher. Another particularity is that, thanks to the high number of engines in the first stage, the mission can withstand single engine failures and successfully complete its mission. So the idea is to use a lot of small engines controlled at the same time. This allows a real time thrust variation and reliability. Another example of innovative tools and methodology used by the new space companies to develop the rockets is the massive use of computational fluid dynamics for the design of launchers and engines. This is revolutionary because it helps to increase the design accuracy. It allows to reduce the number of experimental tests. It helps reducing the time between design and production. One example. SpaceX massively used the Air Force Research Laboratory supercomputers to carry out CFD simulations that permitted to develop a lot of different investigations on flow phenomena.