Hello, Guest!
  • Friday, April 26, 2024

Rocket Lab Signs $80M Deal for SolAero; Peter Beck Quoted

Launch services provider Rocket Lab (Nasdaq: RKLB) has agreed to acquire space solar power technology developer SolAero Holdings for approximately $80 million in cash.

Rocket Lab said Monday it expects to close the transaction in the first quarter of 2022 and the deal is in line with the company’s strategy of assembling a comprehensive portfolio that includes manufacturing, satellite subsystems, flight software, ground operations and launch support.

SolAero has 425 employees and maintains production facilities in Albuquerque, New Mexico,

Through the acquisition, Rocket Lab seeks to offer resources and manufacturing systems to support the production of SolAero space-grade solar cell technologies.

SolAero President and CEO Brad Clevenger will continue to lead the business as part of the deal.

“By combining our innovative teams, industry-leading technologies, and strong resources, we can advance space exploration and enable our customers to push the boundaries of what’s possible in orbit,” explained Peter Beck, Rocket Lab founder and CEO.

Rocket Lab made available a replay of its Wednesday investor conference call discussing the agreement on its investor relations website.

Video of the Day

Related Articles

Lockheed Reports 14% Increase in Q1 2024 Net Sales; Jim Taiclet Offers Update on F-35, Next-Gen Interceptor, LRDR Programs Financial Reports

Lockheed Reports 14% Increase in Q1 2024 Net Sales; Jim Taiclet Offers Update on F-35, Next-Gen Interceptor, LRDR Programs

Lockheed Martin (NYSE: LMT) generated $17.2 billion in net sales during the first quarter of 2024, up 14 percent from the prior-year period’s $15.1 billion, and reported $1.5 billion in Q1 net earnings, or $6.39 per share. The Bethesda, Maryland-based aerospace and defense contractor said Tuesday it returned $1.8 billion in cash to shareholders through

Lockheed Martin’s Maria Demaree on the Future of AI/ML & Space Executive Spotlights

Lockheed Martin’s Maria Demaree on the Future of AI/ML & Space

Artificial intelligence is changing the game across all domains and industries, including in space. Maria Demaree, vice president and general manager of national security space at Lockheed Martin, spoke with Executive Mosaic about how AI is impacting missions from CJADC2 to space and more. Demaree, a two-time Wash100 Award winner, has been with Lockheed Martin for over

Space Force Issues Commercial Space Strategy; Gen. Chance Saltzman Quoted News

Space Force Issues Commercial Space Strategy; Gen. Chance Saltzman Quoted

The U.S. Space Force has unveiled a new strategy detailing how the service branch will enhance its capability development processes and foster commercial partnerships to improve the country’s competitive advantage. The military branch said Wednesday it will implement the Commercial Space Strategy through four lines of effort: collaborative transparency, operational and technical integration, risk management