Rocket Lab USA, Inc. (NASDAQ: RKLB) ("Rocket Lab" or "the company") has signed a definitive agreement to acquire SolAero Holdings, Inc. (SolAero), a space solar product and precision Aerospace structure supplier to the global aerospace market, with US$80 million in cash-the acquisition is expected to be completed in the first quarter of 2022.
This acquisition is in line with Rocket Lab's vertically integrated growth strategy to provide comprehensive space solutions covering spacecraft manufacturing, satellite subsystems, flight software, ground operations and launch. As one of the only two companies in the United States that produce high-efficiency space-grade solar cells, SolAero's space solar cells are one of the highest performance companies in the world, supporting civil space exploration, science, defense and intelligence, and commercial markets. Through the combination with Rocket Lab, SolAero will use the company's resources and manufacturing capabilities to promote mass production, thereby providing high-performance space power technology on a large scale.
SolAero was founded in 1998 and is headquartered in Albuquerque, New Mexico. So far, SolAero's solar cells, solar panels and composite structure products have supported more than 1,000 successful space missions with 100% reliability and mission success rate . Over the past two decades, SolAero’s products have played a key role in some of the most ambitious space missions in the industry, including powering NASA’s Parker Solar Probe and Mars Insight Lander, which have been deployed on Mars in history. The largest solar array on the surface, and several Cygnus cargo replenishment missions to the International Space Station.
SolAero also led the development and manufacturing of Ingenuity solar panels. This helicopter successfully flew on Mars in April this year, marking the first power-controlled flight on a planet other than Earth in history. SolAero technology also makes commercial constellations possible, powering OneWeb's broadband constellations. Recently, as part of NASA's Artemis lunar exploration program, SolAero was selected to provide solar modules for the power and propulsion elements of the NASA Gateway, which will make future Mars missions possible.
The addition of SolAero’s 425-person team brings Rocket Lab’s total staff to more than 1,100. It has aerospace manufacturing complexes and testing facilities in California, Virginia, Colorado, Maryland, Toronto, New Mexico and now Albuquerque, New Mexico. Facilities and launch sites. The SolAero team will continue to be led by President and CEO Brad Clevenger at SolAero's 154,696 square foot (14,372 square meter) production facility in Albuquerque, New Mexico.
The SolAero merger is the third proposed acquisition announced by Rocket Lab this year following the acquisition of the aerospace software company ASI Aerospace LLC in October 2021 and the spacecraft separation systems company Planetary Systems Corporation completed in December 2021. Rocket Lab will host a conference call with investors at 2:00 pm Pacific Standard Time (5:00 pm Eastern Standard Time) to discuss the agreement.
Submitted as follows: acquisition, business change, power system, SmallSat, solar cells marked as: Featured