NZ Govt. Funding Secured
The New Zealand Government today announced Rocket Lab among the recipients of Research and Development funding through the Callaghan Innovation Growth Grants program. The grants are aimed at encouraging high-tech NZ firms to carry out more Research and Development. Science and Innovation Minister Steven Joyce today congratulated each of the recipients, emphasising their proven performance in R&D.
Rocket Lab will use the funding to further the development of its orbital launch vehicle program which secured A-Round venture capital funding from Silicon Valley-based Khosla Ventures in late 2013. Significant progress has been made in reaching the first milestones of the new program thus far including recruitment of propulsion, vehicle design, avionics and GNC teams and test firing of the company’s in-house developed Rutherford engine, which will be the mainstay of the new vehicle’s propulsion system.
The funding will further enable Rocket Lab to accelerate development in an exciting new industry. Full details of the new vehicle are to be provided at a media event on 29th July, 2014.