Rocket Lab to Acquire
SolAero Holdings, Inc., a Global Leader in Space
Solar Power Products
December 13, 2021
Rocket Lab USA, Inc. has
signed a definitive agreement to acquire SolAero
Holdings, Inc. (SolAero), a premier supplier of
space solar power products and precision aerospace
structures for the global aerospace market, for $80
million in cash. The acquisition is expected to
close in the first quarter of 2022.
The acquisition aligns with
Rocket Lab’s growth strategy of vertical integration
to deliver a comprehensive space solution that spans
spacecraft manufacture, satellite subsystems, flight
software, ground operations, and launch. As one of
only two companies producing high-efficiency,
space-grade 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. In combining with Rocket Lab,
SolAero will tap into the Company’s resources and
manufacturing capability to boost high-volume
production, making high-performing space power
technologies available at scale.
“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,” said
Rocket Lab founder and CEO, Peter Beck. “SolAero has
established itself as a premier provider of solar
technologies, enabling trailblazing missions that
have expanded scientific horizons and advanced
commercial space. 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. We are absolutely thrilled to welcome the
SolAero team to the Rocket Lab family.”
“We are very excited to join
the outstanding team at Rocket Lab and contribute to
their track record of innovation and on-orbit
success,” said SolAero President and CEO, Brad
Clevenger. “As Rocket Lab builds on its capability
to provide complete mission solutions, SolAero is a
natural fit for Rocket Lab. We look forward to
becoming an integral part of Rocket Lab’s Space
Systems business while continuing to offer all of
our customers premier capability and value.”
Founded in 1998 and
headquartered in Albuquerque, New Mexico, SolAero’s
solar cells, solar panels, and composite structural
products have supported more than 1,000 successful
space missions with 100% reliability and mission
success to date. Over the past two decades,
SolAero’s products have played key roles in some of
the industry’s most ambitious space missions,
including supplying power to NASA’s Parker Solar
Probe and Mars Insight Lander, the largest solar
array ever deployed on the surface of Mars, and
several Cygnus Cargo Resupply Missions to the
International Space Station. SolAero also led the
development and manufacturing of the solar panel on
Ingenuity, the helicopter that successfully flew on
Mars in April this year, marking the first ever
powered, 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 has been selected to supply Solar
Power Modules for the Power and Propulsion Element
of NASA’s Gateway as part of NASA’s Artemis lunar
exploration plans, which will enable future missions
to Mars.
The addition of SolAero’s
425-strong team brings Rocket Lab’s total headcount
to more than 1,100 employees across 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 ft² (14,372 m²) production facilities in
Albuquerque, New Mexico.
The SolAero merger is Rocket
Lab’s third proposed acquisition 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 completed in December
2021.