The proposed investment would enable Rocket
Lab to further expand in New Mexico, creating more jobs and
increased manufacturing capacity of space-grade solar cells which
are important components for national defense and security
satellites
Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the
Company”), a global leader in launch services and space systems,
today announced the signing of a non-binding preliminary memorandum
of terms (PMT) with the Department of Commerce that would see
Rocket Lab receive up to $23.9M in direct funding under the CHIPS
and Science Act. The proposed investment would enable Rocket Lab to
increase its production of compound semiconductors for spacecraft
and satellites, as part of an expansion and modernization of the
Company’s facility in Albuquerque, New Mexico. This proposed CHIPS
investment would create more than 100 direct manufacturing
jobs.
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Rocket Lab Signs Preliminary Terms to
Receive up to $23.9M in Funding Under the CHIPS Act to Expand
Production of Semiconductors that Power Spacecraft (Photo: Business
Wire)
Rocket Lab acquired SolAero Technologies Inc in 2022, making
Rocket Lab one of only two companies domestically, and three
companies outside of Russia and China, that specializes in the
production of highly efficient and radiation resistant compound
semiconductors called space-grade solar cells—devices used in space
to convert light to electricity. The space-grade solar cells
produced at Rocket Lab’s Albuquerque, New Mexico facility power
critical space programs such as missile awareness systems and
exploratory science missions including the James Webb Space
Telescope, NASA’s Artemis lunar explorations, Ingenuity Mars
Helicopter, and the Mars Insight Lander. Rocket Lab's technology
also serves a booming commercial satellite market, such as powering
the OneWeb broadband internet satellite constellation.
This proposed CHIPS investment would help create a more robust
and resilient supply of space-grade solar cells. The modernization
and expansion project would also increase Rocket Lab’s compound
semiconductor production by 50% within the next three years—helping
to domestically meet the growing national security and consumer
demand for these solar cells.
In addition to these proposed federal incentives, the State of
New Mexico has also committed to providing financial assistance and
incentives with a total value of $25.5 million to Rocket Lab in
support of this effort.
"Semiconductors are central to modern life, to our economy, and
to America's future. We are proud to be strengthening that future
with the support of the CHIPS Office by expanding our production
facilities to meet growing demand for the semiconductors that power
the nation's most critical science, defense and commercial space
missions," said Rocket Lab founder and CEO, Sir Peter Beck.
"For more than two decades the SolAero team, now part of Rocket
Lab, has played a crucial role in the domestic production of
semiconductors. This program is a continuation of our commitment to
ensuring resilient U.S. supply chains and creating highly
productive local jobs."
“Rocket Lab has called New Mexico home for 25 years, first as
SolAero Technologies and now as a thriving modern company
manufacturing space solar-cell technology,” said Gov. Michelle
Lujan Grisham. “New Mexico’s space economy is growing every
day, and Rocket Lab’s expansion will bring more than 100 new jobs
to New Mexico. This is just the latest example of how the CHIPS and
Science Act is fueling new technology and high-wage jobs.”
“This major investment from our CHIPS and Science Act will
further solidify New Mexico’s role as a leader in advanced
manufacturing and create more than an estimated 100 manufacturing
jobs. It will also further cement our state as the best place in
America to manufacture novel technologies with emerging space
defense applications,” said Senator Heinrich, a member of the
2022 Chips and Science Act Conference Committee. “For years
now, I’ve been proud to bolster New Mexico’s bases, defense
research labs, and private industry partners so we can keep
excelling in emerging defense fields. That includes supporting the
growth of SolAero, now Rocket Lab—a homegrown New Mexico defense
technology company that has become an industry leader in
manufacturing solar cells for space-based defense systems and
commercial satellites. This exciting investment is just the latest
downpayment to maintain New Mexico’s longtime leadership in
national security and innovation.”
“I am so excited that SolAero will get almost $24 million to
expand and modernize their facilities right in the heart of New
Mexico’s 1st Congressional District,” said Rep. Melanie
Stansbury. “Thanks to the Biden Administration and the CHIPS
and Science Act, more than 100 new manufacturing jobs will be
created, and New Mexico will continue leading the way in
technological manufacturing. The future is bright!”
“These 100-plus good-paying jobs will support hard-working New
Mexicans, while strengthening our national security through
domestic semiconductor manufacturing,” said Rep. Gabe
Vasquez. “This funding for Rocket Lab will help ensure that
vital semiconductors are made in America and solidify New Mexico's
role as a leader in space technology. Recognizing New Mexico’s
robust workforce and investment potential is crucial, and I will
always work to bring good-paying jobs to our state.”
“Not only will this $23.9M investment help strengthen our
national security and increase the amount of advanced semiconductor
manufacturing in the United States, it will create more than 100
good paying jobs for New Mexicans,” said Congresswoman Teresa
Leger Fernández. “With this funding, our satellites won’t be
dependent on foreign sources for solar power, and instead use
American-manufactured solar cells made from compound
semiconductors. Manufacturing is growing in New Mexico and this is
exactly the kind of growth we had in mind when we passed the CHIPS
and Science Act.”
Rocket Lab has indicated that it plans to claim the Department
of the Treasury’s Investment Tax Credit, which is expected to be up
to 25% of qualified capital expenditures. As explained in its first
Notice of Funding Opportunity, the Department may offer applicants
a PMT on a non-binding basis after satisfactory completion of the
merit review of a full application. The PMT outlines key terms for
a potential CHIPS incentives award, including the amount and form
of the award. The award amounts are subject to due diligence and
negotiation of award documents and are conditional on the
achievement of certain milestones. After the PMT is signed, the
Department begins a comprehensive due diligence process on the
proposed projects and continues negotiating or refining certain
terms with the applicant. The terms contained in any final award
documents may differ from the terms of the PMT being announced
today.
+ About CHIPS for America
CHIPS for America is part of President Biden’s economic plan to
invest in America, stimulate private sector investment, create
good-paying jobs, make more in the United States, and revitalize
communities left behind. CHIPS for America includes the CHIPS
Program Office, responsible for manufacturing incentives, and the
CHIPS Research and Development Office, responsible for R&D
programs, that both sit within the National Institute of Standards
and Technology (NIST) at the Department of Commerce. NIST promotes
U.S. innovation and industrial competitiveness by advancing
measurement science, standards, and technology in ways that enhance
economic security and improve our quality of life. NIST is uniquely
positioned to successfully administer the CHIPS for America program
because of the bureau’s strong relationships with U.S. industries,
its deep understanding of the semiconductor ecosystem, and its
reputation as fair and trusted. Visit https://www.chips.gov to
learn more.
+ About Rocket Lab
Founded in 2006, Rocket Lab is an end-to-end space company with
an established track record of mission success. We deliver reliable
launch services, satellite manufacture, spacecraft components, and
on-orbit management solutions that make it faster, easier, and more
affordable to access space. Headquartered in Long Beach,
California, Rocket Lab designs and manufactures the Electron small
orbital launch vehicle, a family of flight proven spacecraft, and
the Company is developing the large Neutron launch vehicle for
constellation deployment. Since its first orbital launch in January
2018, Rocket Lab’s Electron launch vehicle has become the second
most frequently launched U.S. rocket annually and has delivered
180+ satellites to orbit for private and public sector
organizations, enabling operations in national security, scientific
research, space debris mitigation, Earth observation, climate
monitoring, and communications. Rocket Lab’s family of spacecraft
have been selected to support NASA missions to the Moon and Mars,
as well as the first private commercial mission to Venus. Rocket
Lab has three launch pads at two launch sites, including two launch
pads at a private orbital launch site located in New Zealand and a
third launch pad in Virginia. To learn more, visit
www.rocketlabusa.com.
+ Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward looking statements contained
in Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”) and Section 21E of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). All statements contained in
this press release other than statements of historical fact,
including, without limitation, statements regarding our launch and
space systems operations, launch schedule and window, safe and
repeatable access to space, Neutron development, operational
expansion and business strategy are forward-looking statements. The
words “believe,” “may,” “will,” “estimate,” “potential,”
“continue,” “anticipate,” “intend,” “expect,” “strategy,” “future,”
“could,” “would,” “project,” “plan,” “target,” and similar
expressions are intended to identify forward-looking statements,
though not all forward-looking statements use these words or
expressions. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including but not limited to the
factors, risks and uncertainties included in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2023, as such
factors may be updated from time to time in our other filings with
the Securities and Exchange Commission (the “SEC”), accessible on
the SEC’s website at www.sec.gov and the Investor Relations section
of our website at www.rocketlabusa.com, which could cause our
actual results to differ materially from those indicated by the
forward-looking statements made in this press release. Any such
forward-looking statements represent management’s estimates as of
the date of this press release. While we may elect to update such
forward-looking statements at some point in the future, we disclaim
any obligation to do so, even if subsequent events cause our views
to change.
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+ Rocket Lab Media Contact Morgan Connaughton
media@rocketlabusa.com
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