Optimum Technologies LLC is preparing to double its workforce to about 100 people over the next two years as it expands into more space near its Sterling headquarters to keep up with demand.
The satellite maker and space flight hardware design and analysis provider has signed a 10-year lease to take on 5,300 square feet in the building next to its 5,700-square-foot satellite manufacturing site on Carpenter Drive, both of which are owned by Potomac Development Group LLC. It's putting $999,000 of its own cash into the venture, none of which has ever been raised by outside investors.
Co-founder and Chief Operating Officer John Hildebrand told me in an interview the company has seen strong demand for its satellites. That's translating to sustained annual revenue growth of about 40% in recent years and is on track to reach $25 million this year, he said.
It's a surge being driven by a desire from the Space Development Agency, managed by the U.S. Space Force, to launch more low Earth orbit satellite networks to strengthen the country's space-based warfare capabilities. Northrop Grumman Corp. is one of the developers of these satellites, but it has sought out Optimum as a smaller satellite manufacturer to help match this demand.
"Unfortunately, probably the next war will be won or lost in space because there're so many assets up there, and you can get such an advantage from that between communications and situational awareness," Hildebrand said.
He estimates the new site will allow the company to increase its production capacity by five times. It'll include a 4,000-square-foot clean room for satellite assembly and higher ceilings will allow for the creation of larger satellites for customers.
To help with this two-year expansion project, Virginia is offering a tax rebate on new employees Optimum hires as well as tax exemptions on certain types of equipment purchases. Hildebrand said the company will be hiring technicians, engineers and business support staff across the organization's Greater Washington footprint and also as it relates to its growing division in Arizona.
Hildebrand co-founded the company alongside CEO Jeffrey Gick in 2015. Both came from Orbital Sciences Corp., an aerospace firm based in Loudoun County for about three decades that merged with Alliant Techsystems in 2015. The combined firm rebranded as Orbital ATK. Northrop Grumman bought Orbital ATK in 2018 for $7.8 billion.
Optimum's growth is the latest example of a Northern Virginia aerospace firm charting significant expansion in recent months as the costs of entering space continue to fall while business opportunities grow. The World Economic Forum forecast in an April report the global space economy — including staples like communications, navigation, timing, weather, imagery and remote sensing, plus budding capacities like in-orbit R&D and manufacturing — will triple from $630 billion in 2023 to $1.8 trillion by 2035.
