Rocket Lab's latest acquisition focuses on solar panels
By
Ross Wilkers
Rocket Lab is moving ahead on another acquisition to further diversify the space launch company’s portfolio of components that go onto its Electron platform.
Rocket Lab is moving ahead on another acquisition to further diversify the space launch company’s portfolio of components that go onto its Electron platform.
The latest transaction announced Monday will see Rocket Lab pay $80 million in cash for SolAero; a maker of solar panels, solar cells and other aerospace structures for space missions. All parties expect the transaction to close in the first quarter of next year.
SolAero’s products have supplied power to NASA’s Parker Solar Probe and Mars Insight Lander, the latter of which was the largest solar array ever deployed on the surface of Mars, and several Cygnus cargo resupply missions to the International Space Station.
“SolAero is a highly complementary addition to Rocket Lab’s vertically integrated business model and strengthens our ability to streamline space for our customers by delivering complete space mission solutions,” Rocket Lab CEO Peter Beck said in a release.
More recently, SolAero also led the development and manufacturing of the solar panel on the Ingenuity helicopter that landed on Mars in April. That represented the first-ever powered, controlled flight on a planet other than Earth.
Albuquerque, New Mexico-headquartered SolAero was founded in 1998 and will add approximately 425 employees to Rocket Lab, whose workforce grows to more than 1,100 employees with the acquisition. SolAero CEO Brad Clevenger will continue to lead the team out of its production facility in Albuquerque.
For Rocket Lab, this is the third acquisition it has announced since the completion of its merger with a special purpose acquisition company to become a publicly-traded entity.
Rocket Lab closed its acquisition of separation technology maker Planetary Systems Corp. on Dec. 1 and the purchase of software firm Advanced Solutions Inc. in October.
Last year saw Rocket Lab acquire another satellite component maker in Sinclair Interplanetary.
Altogether, Rocket Lab has paid $191 million to acquire those three businesses since its public listing.