Rocket Lab USA (Nasdaq: RKLB) has completed its $80 million cash acquisition of space solar power technology provider SolAero Holdings as part of its growth strategy to offer a comprehensive portfolio that includes satellite subsystems, spacecraft manufacturing, launch, flight software and ground operations support.
The deal was first announced in December and Rocket Lab said Monday it will absorb 425 SolAero employees as a result of the transaction, bringing its total workforce to over 1,100 employees.
“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,” said Peter Beck, founder and CEO of Rocket Lab.
Brad Clevenger, president and CEO of SolAero, will continue to lead the business and its team through its production facilities in Albuquerque, New Mexico.
Clevenger said the company looks forward to contributing to Rocket Lab’s efforts to pursue innovation and becoming a part of its space systems segment.
Established in 1998, SolAero has provided solar panels, solar cells and composite structural components to more than 1,000 space missions. Its products have been used in NASA’s Parker Solar Probe, Mars Insight Lander, Ingenuity and the James Webb Space Telescope.
The transaction came a month after Rocket Lab closed its stock-and-cash purchase of spacecraft separation technology developer Planetary Systems.