Rocket Lab to Acquire SolAero Holdings, Inc., a Global Leader in Solar Space Power Products | Business
LONG BEACH, Calif .– (BUSINESS WIRE) – December 13, 2021–
Rocket Lab USA, Inc. (Nasdaq: RKLB ) (âRocket Labâ or âthe Companyâ), a global leader in launch services and space systems, today announced the signing of a definitive agreement to acquire SolAero Holdings, Inc. (SolAero) , a leading supplier of solar space energy products. and precision aerospace structures for the global aerospace market, for $ 80 million in cash. The acquisition is expected to be finalized in the first quarter of 2022.
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 highest performing in the world and support civil space exploration, science, defense and intelligence, and 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.
âSolAero is a very complementary addition to Rocket Lab’s vertically integrated business model and strengthens our ability to rationalize space for our customers by providing complete space mission solutions,â said Peter Beck, Founder and CEO of Rocket Lab. âSolAero has established itself as a leading supplier of solar technologies, enabling pioneering missions that have broadened scientific horizons and advanced the commercial space. By combining our innovative teams, cutting-edge technologies and solid resources, we can advance space exploration and enable our customers to push the limits of what is possible in orbit. We are absolutely delighted to welcome the SolAero team to the Rocket Lab family. “
âWe are very excited to join the exceptional team at Rocket Lab and contribute to their track record of innovation and in-orbit success,â said Brad Clevenger, President and CEO of SolAero. âWhile Rocket Lab relies on its ability to deliver complete mission solutions, SolAero is a natural fit for Rocket Lab. 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 headquartered in Albuquerque, New Mexico, SolAero’s solar cells, solar panels and structural composite 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 Parker Solar Probe and NASA’s Mars Insight Lander, the largest solar panel ever deployed on the surface of Mars, and several Cygnus Cargo 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 of this year, marking the very first powered and 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 was selected to supply solar power modules for the power and propulsion element of the NASA Gateway as part of NASA’s Artemis lunar exploration plans, which will enable future missions. to 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 sq. Ft. (14,372 mÂ²) production facility in Albuquerque, New Mexico.
The merger with SolAero is Rocket Lab’s third acquisition plan announced this year, following the acquisition of space software company ASI Aerospace LLC in October 2021 and spacecraft separation systems company Planetary Systems Corporation, which was finalized in December 2021.
Rocket Lab will host an investor conference call at 2:00 p.m. PST (5:00 p.m. EST) today to discuss the deal. The live webcast and a replay of the webcast will be available on the Rocket Lab Investor Relations website: https://investors.rocketlabusa.com/events-and-presentations/events
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 accessing space faster, easier and more affordable. Based in Long Beach, Calif., Rocket Lab designs and manufactures the small Electron orbital launcher and Photon satellite platform and develops the 8 ton Neutron payload class launcher. Since its first orbital launch in January 2018, Rocket Lab’s Electron launcher has become the second most frequently launched US rocket each year and has orbiting 109 satellites for private and public sector organizations, enabling operations in the fields of national security, scientific research and space debris mitigation. , Earth observation, climate monitoring and communications. Rocket Lab’s Photon spacecraft platform was selected to support NASA’s missions to the Moon and Mars, as well as the first private trade 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 should become operational in early 2022. For more information, 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, but not limited to, expectations regarding the timing, completion and benefits of the SolAero acquisition, are based on Rocket Lab’s current expectations and beliefs regarding future developments and their effects. potentials. 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 these forward-looking statements. . There are many factors that 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 the risks that the acquisition of SolAero may be. that its financial and operational performance may not meet our expectations, or that we may not realize the benefits of the proposed acquisition or be able to successfully integrate into our business without substantial additional costs or in a way that negatively impacts our business or operations results; risks associated with government restrictions and blockages in New Zealand and other countries in which we operate which could delay or suspend our operations; delays and interruptions in expansion efforts; our dependence on a limited number of clients; the harsh and unpredictable space environment in which our products operate, which could adversely affect our launcher 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 impair our launch flexibility and / or our access to our own slots orbitals; 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 inability of our launchers, satellites and components to perform as intended, either due to our design error during production or through no fault of our own; interruptions 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 requests; or other events that require us to cancel or reschedule launches, including customer contractual rescheduling and termination rights; the risks that acquisitions will not be finalized on time or not at all or will not achieve the expected benefits and results; and other risks detailed from time to time in documents filed by Rocket Lab with the Securities and Exchange Commission (the âSECâ), including under the heading âRisk Factorsâ 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 under Rule 424 (b) on October 7, 2021 and elsewhere (including that the impact of the COVID-19 pandemic may also exacerbate the risks is discussed there). There can be no assurance that future developments affecting Rocket Lab will be as we have anticipated. Except as required by law, Rocket Lab assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
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KEYWORD: CALIFORNIA NEW MEXICO UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER TRANSPORT TECHNOLOGIES SATELLITE TRANSPORT AEROSPACE SOFTWARE ALTERNATIVE ENERGY MANUFACTURING ENERGY EQUIPMENT
SOURCE: Rocket Lab USA, Inc.
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PUB: 12/13/2021 4:05 PM / DISC: 12/13/2021 4:07 PM