Photo courtesy of Thinkstock

A little more than a year after Richard Branson’s SpaceShipTwo crashed, killing a pilot, his company has revealed a new spaceship, CNN reported. 

The company, Virgin Galactic, has spent more than three years building the new spacecraft, which is located at the Mojave Air & Space Port in California.

READ MORE: Meet Virgin Galactic’s 747 Rocket Launcher

After the vehicle undergoes extensive testing, Branson said average people, rather than astronauts, will be able to travel 50 miles above Earth’s surface, which the company said will make them “bona fide space tourists."

"Our beautiful new spaceship, VSS Unity, is the embodiment of that goal and also a great testament to what can be achieved when true teamwork, great skill and deep pride are combined with a common purpose," Branson said, according to a Virgin Galactic press release. 

READ MORE: Virgin Galactic Space Tourism Ship Crashes

More than 700 people have already signed up to fly on Virgin Galactic. In order to fly with the company, passengers must pay $250,000 per seat in advance.

Follow @acbredeson