Rocket Lab USA Inc. is bolstering its portfolio as an end-to-end space company with another acquisition, this time of a supplier of space solar power products and other precision aerospace structures.
The Long Beach, California-based aerospace company has inked to buy SolAero Holdings Inc. for $80 million in cash.
The acquisition is expected to close in the first quarter of 2022.
Founded in 1998 and headquartered in Albuquerque, New Mexico, SolAero is one of only two U.S. companies that produce high-efficiency, space-grade solar cells. The company’s products support civil space exploration, science, defense and intelligence, and commercial markets. The acquisition by Rocket Lab (Nasdaq: RKLB) will enable SolAero to access resources and manufacturing capabilities to boost production and make its technologies available at scale.
The SolAero merger marks Rocket Lab’s third acquisition announced this year, following deals with space software company ASI Aerospace in October and spacecraft separation systems company Planetary Systems Corp. earlier this month as Rocket Lab aims to grow toward offering a comprehensive aerospace portfolio with spacecraft manufacturing, satellite subsystems, flight software, ground operations and launch services.
“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 in a statement.
The addition of SolAero’s 425 employees brings Rocket Lab’s total headcount to more than 1,100 across facilities in California, Virginia, Colorado, Maryland, Toronto, New Zealand and now Albuquerque.
“As Rocket Lab builds on its capability to provide complete mission solutions, SolAero is a natural fit for Rocket Lab,” added SolAero President and CEO Brad Clevenger, who will continue to lead the division at its 154,696-square-foot production facility in Albuquerque.
SolAero’s solar cells, solar panels and composite structures have supported more than 1,000 space missions with 100% reliability and mission success to date. The company’s products have played key roles in such missions as 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 earlier this year.
