Rocket Lab Completes Acquisition of Space Solar Power Products SolAero Holdings, Inc.
LONG BEACH, Calif.–(BUSINESS WIRE)–Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, today announced the closing of the previously announced transaction to acquire SolAero Holdings, Inc. (SolAero), a supplier foreground of space solar systems. energy products and precision aerospace structures for the global aerospace market, for $80 million in cash. Rocket Lab announced the signing of the agreement to acquire SolAero on December 13, 2021 subject to certain closing conditions.
The acquisition aligns with Rocket Lab’s vertical integration growth strategy to provide a complete space solution that spans spacecraft manufacturing, satellite subsystems, flight software, ground operations and the start. As one of only two companies producing high-efficiency space solar cells in the United States, SolAero’s space solar cells are among the most efficient in the world and support civil space exploration, science, defense and intelligence, as well as commercial markets. By partnering with Rocket Lab, SolAero will leverage the company’s resources and manufacturing capacity to drive high-volume production, making high-performance space energy technologies available at scale.
“SolAero has established itself as a leading provider of solar technologies and we are very excited to join 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 provide complete space mission solutions to our customers. With over 1,000 successful missions under their belt, the SolAero team has enabled pioneering missions, providing space-based solar power solutions for the James Webb Space Telescope and Mars missions including InSight and Ingenuity. We’re excited to combine our innovative teams, cutting-edge technologies, and strong resources to enable our customers to do amazing things in space.
“We are very excited to join the outstanding team at Rocket Lab and contribute to their track record of innovation and success in orbit,” said SolAero President and CEO Brad Clevenger. “We look forward to being an integral part of Rocket Lab’s Space Systems business while continuing to provide all of our customers with best-in-class capabilities and value.”
Founded in 1998 and based in Albuquerque, New Mexico, SolAero’s solar cells, solar panels and composite structural products have supported over 1,000 successful space missions with 100% reliability and mission success to date . Over the past two decades, SolAero products have played a key role in some of the industry’s most ambitious space missions, including providing power to NASA’s Parker Solar Probe and Mars Insight Lander, the largest solar generator ever deployed on the surface of Mars, and several Cygnus Cargo Resupply Missions to the International Space Station. SolAero also led the development and manufacture of the solar panel on Ingenuity, the helicopter that successfully flew to Mars in April this year, marking the first-ever powered and controlled flight on a planet other than Earth.
SolAero technology has also made commercial constellations possible, powering OneWeb’s broadband constellation. Most recently, SolAero was selected to supply solar power modules for NASA’s Gateway Power and Propulsion Element as part of NASA’s Artemis lunar exploration plans, which will enable future missions towards Mars.
The addition of SolAero’s 425-person team brings Rocket Lab’s total workforce to more than 1,100 employees at 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 facility in Albuquerque, New Mexico.
The SolAero merger follows the acquisition of space software company ASI Aerospace LLC in October 2021, spacecraft separation systems company Planetary Systems Corporation in December 2021 and satellite component maker 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 provide reliable launch services, spacecraft components, satellites and other spacecraft and in-orbit management solutions that make getting to space faster, easier and more affordable. Based in Long Beach, California, Rocket Lab designs and manufactures the small Electron orbital launch vehicle and Photon satellite platform and develops the 8-ton Neutron 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 each year and has delivered 109 satellites into orbit for private and public sector organizations, enabling national security, scientific research and 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 in New Zealand, one of which is currently operational, and a second launch site in Virginia, USA. United States, which is expected to become operational in early 2022. To learn more, visit www.rocketlabusa.com.
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 benefits of the SolAero acquisition, are based on Rocket Lab’s current expectations and beliefs regarding 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 differ materially from those expressed or implied by such statements. prospective. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release, including risks related to the global COVID-19 pandemic, including risks that the financial and operating performance of the acquisition of SolAero do 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 adversely impacts our business or results of operations; risks relating to government restrictions and lockdowns in New Zealand and other countries in which we operate that could delay or suspend our operations; delays and disruptions in expansion efforts; our reliance on a limited number of customers; the harsh and unpredictable space environment in which our products operate, which could adversely affect our launch vehicle and spacecraft; increased congestion due to the proliferation of constellations in low Earth orbit which could significantly increase the risk of potential collision with space debris or other spacecraft and limit or impede our launch flexibility and/or access to our own orbital slots ; increased competition in our industry due in part to rapid technological development and falling costs; technological changes in our industry that we may not be able to keep up with or that could make our services uncompetitive; evolution of average selling prices; the failure of our launch vehicles, satellites and components to perform as intended, either due to our design error in production or through no fault of ours; disruptions to the launch schedule; supply chain disruptions, product delays or failures; design and engineering flaws; launch failures; natural disasters and epidemics or pandemics; changes in government regulations, including with respect to trade and export restrictions, or in the status of our regulatory approvals or applications; or other events that require us to cancel or reschedule launches, including customers’ contractual rescheduling and termination rights; the risks that acquisitions will not be completed on time or at all or that they will not achieve the expected benefits and results; and 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 relating 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 impact of the COVID-19 pandemic may also exacerbate the risks are discussed there). There can be no assurance that future developments affecting Rocket Lab will be those anticipated by us. Except as required by law, Rocket Lab undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.