Aerospace firm Rocket Lab closed its $80 million cash purchase of Albuquerque-based SolAero Holdings Inc., which manufactures solar-power products for use in space.
Rocket Lab announced the close of the deal on Jan. 18 about one month after it was unveiled.
The deal comes as Rocket Lab aims to build a streamlined company that spans manufacturing, software, ground operations and launch. The Long Beach, California, company was founded in 2006 and offers end-to-end space services and manufacturing.
A representative for SolAero was unable to be reached for immediate comment.
With SolAero's workforce of 425 people, Rocket Lab will have a total workforce of 1,100 employees between its test facilities, space-manufacturing complexes and launch sites in Albuquerque, California, Virginia, Colorado, Maryland, Toronto and New Zealand, according to Rocket Lab.
“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," Rocket Lab founder and CEO Peter Beck said in a statement.
For SolAero, the deal will enable the scaling of production with access to manufacturing capabilities and other resources.
The Albuquerque company was founded in 1998 and is one of only two U.S. companies that produce space-grade solar cells for space exploration, science, defense, intelligence and commercial markets. The company has provided solutions for projects including the James Webb Space Telescope and Ingenuity, a 19.3-inch-tall, 4-pound helicopter that touched down on Mars in mid-February of 2021 with the Perseverance rover.
SolAero marks Rocket Lab's fourth acquisition since April 2020, when it purchased satellite component manufacturer Sinclair Interplanetary. And then last year, Rocket Lab purchased software company ASI Aerospace LLC before buying Planetary Systems Corp. in December.
