Rocket Lab now operates the world’s largest
production line of high-performing space solar cells
Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the
Company”), a global leader in launch services and space systems,
today announced it has closed the previously-announced transaction
to acquire SolAero Holdings, Inc. (SolAero), a premier supplier of
space solar power products and precision aerospace structures for
the global aerospace market, for $80 million in cash. Rocket Lab
announced the execution of the agreement to acquire SolAero on
December 13, 2021 pending certain closing conditions.
The acquisition aligns with Rocket Lab’s growth strategy of
vertical integration to deliver a comprehensive space solution that
spans spacecraft manufacture, satellite subsystems, flight
software, ground operations, and launch. As one of only two
companies producing high-efficiency, space-grade solar cells in the
United States, SolAero’s space solar cells are among the highest
performing in the world and support civil space exploration,
science, defense and intelligence, and commercial markets. In
combining with Rocket Lab, SolAero will tap into the Company’s
resources and manufacturing capability to boost high-volume
production, making high-performing space power technologies
available at scale.
“SolAero has established itself as a premier provider of solar
technologies and we are very excited to be joining forces,” said
Rocket Lab founder and CEO, Peter Beck. “SolAero is a highly
complementary addition to Rocket Lab’s vertically integrated
business model, enabling us to deliver complete space mission
solutions for our customers. With more than 1,000 successful
missions under their belt, the team at SolAero have enabled
trailblazing missions, providing space solar power solutions for
the James Webb Space Telescope, and missions on Mars including
InSight and Ingenuity. We are thrilled to be combining our
innovative teams, industry-leading technologies, and strong
resources to enable our customers to achieve incredible things in
space.”
“We are very excited to join the outstanding team at Rocket Lab
and contribute to their track record of innovation and on-orbit
success,” said SolAero President and CEO, Brad Clevenger. “We look
forward to becoming an integral part of Rocket Lab’s Space Systems
business while continuing to offer all of our customers premier
capability and value.”
Founded in 1998 and headquartered in Albuquerque, New Mexico,
SolAero’s solar cells, solar panels, and composite structural
products have supported more than 1,000 successful space missions
with 100% reliability and mission success to date. Over the past
two decades, SolAero’s products have played key roles in some of
the industry’s most ambitious space missions, including supplying
power to NASA’s Parker Solar Probe and Mars Insight Lander, the
largest solar array ever deployed on the surface of Mars, and
several Cygnus Cargo Resupply Missions to the International Space
Station. SolAero also led the development and manufacturing of the
solar panel on Ingenuity, the helicopter that successfully flew on
Mars in April this year, marking the first ever powered, controlled
flight on a planet other than Earth.
SolAero technology has also made commercial constellations
possible, providing power to OneWeb’s broadband constellation. Most
recently, SolAero has been selected to supply Solar Power Modules
for the Power and Propulsion Element of NASA’s Gateway as part of
NASA’s Artemis lunar exploration plans, which will enable future
missions to Mars.
The addition of SolAero’s 425-strong team brings Rocket Lab’s
total headcount to more than 1,100 employees across its space
manufacturing complexes, test facilities, and launch sites in
California, Virginia, Colorado, Maryland, Toronto, New Zealand and
now Albuquerque, New Mexico. The SolAero team will continue to be
led by President and CEO Brad Clevenger at SolAero’s 154,696 ft²
(14,372 m²) production facilities in Albuquerque, New Mexico.
The SolAero merger follows on from the acquisition of space
software company ASI Aerospace LLC in October 2021, spacecraft
separation systems company Planetary Systems Corporation in
December 2021, and satellite components manufacturer Sinclair
Interplanetary in April 2020.
About Rocket Lab
Founded in 2006, Rocket Lab is an end-to-end space company with
an established track record of mission success. We deliver reliable
launch services, spacecraft components, satellites and other
spacecraft and on-orbit management solutions that make it faster,
easier and more affordable to access space. Headquartered in Long
Beach, California, Rocket Lab designs and manufactures the Electron
small orbital launch vehicle and the Photon satellite platform and
is developing the Neutron 8-ton payload class launch vehicle. Since
its first orbital launch in January 2018, Rocket Lab’s Electron
launch vehicle has become the second most frequently launched U.S.
rocket annually and has delivered 109 satellites to orbit for
private and public sector organizations, enabling operations in
national security, scientific research, space debris mitigation,
Earth observation, climate monitoring, and communications. Rocket
Lab’s Photon spacecraft platform has been selected to support NASA
missions to the Moon and Mars, as well as the first private
commercial mission to Venus. Rocket Lab has three launch pads at
two launch sites, including two launch pads at a private orbital
launch site located in New Zealand, one of which is currently
operational, and a second launch site in Virginia, USA which is
expected to become operational in early 2022. To learn more, visit
www.rocketlabusa.com.
Forward-Looking Statements
This press release may contain certain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities and Exchange Act of
1934, as amended. These forward-looking statements, including
without limitation expectations regarding the benefit of the
SolAero acquisition, are based on Rocket Lab’s current expectations
and beliefs concerning future developments and their potential
effects. These forward-looking statements involve a number of
risks, uncertainties (many of which are beyond Rocket Lab’s
control), or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this press release, including risks
related to the global COVID-19 pandemic, including risks that the
financial and operating performance of the SolAero acquisition may
not meet our expectations, or that we may not realize the benefits
of the acquisition or be able to successfully integrate into our
business without substantial additional costs or in a manner that
negatively impacts our business or operating results; risks related
to government restrictions and lock-downs in New Zealand and other
countries in which we operate that could delay or suspend our
operations; delays and disruptions in expansion efforts; our
dependence on a limited number of customers; the harsh and
unpredictable environment of space in which our products operate
which could adversely affect our launch vehicle and spacecraft;
increased congestion from the proliferation of low Earth orbit
constellations which could materially increase the risk of
potential collision with space debris or another spacecraft and
limit or impair our launch flexibility and/or access to our own
orbital slots; increased competition in our industry due in part to
rapid technological development and decreasing costs; technological
change in our industry which we may not be able to keep up with or
which may render our services uncompetitive; average selling price
trends; failure of our launch vehicles, satellites and components
to operate as intended either due to our error in design in
production or through no fault of our own; launch schedule
disruptions; supply chain disruptions, product delays or failures;
design and engineering flaws; launch failures; natural disasters
and epidemics or pandemics; changes in governmental regulations
including with respect to trade and export restrictions, or in the
status of our regulatory approvals or applications; or other events
that force us to cancel or reschedule launches, including customer
contractual rescheduling and termination rights; risks that
acquisitions may not be completed on the anticipated timeframe or
at all or do not achieve the anticipated benefits and results; and
the other risks detailed from time to time in Rocket Lab’s filings
with the Securities and Exchange Commission (the “SEC”), including
under the heading “Risk Factors” in the prospectus dated October 7,
2021 related to our Registration Statement on Form S-1 (File No.
333-259757), which was filed with the Securities and Exchange
Commission pursuant to Rule 424(b) on October 7, 2021 and elsewhere
(including that the impact of the COVID-19 pandemic may also
exacerbate the risks discussed therein). There can be no assurance
that the future developments affecting Rocket Lab will be those
that we have anticipated. Except as required by law, Rocket Lab is
not undertaking any obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220118006232/en/
+ Rocket Lab Media Contact Morgan Bailey
media@rocketlabusa.com
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