Rocket Lab Establishes Australian Subsidiary to Support Rapidly Growing National Space Sector
Long Beach, California. February 28, 2023 – Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, today announced it has established a new wholly-owned subsidiary, Rocket Lab Australia, to explore opportunities to support the expansion of Australia’s national space capabilities.
The Australian Government has set a goal to triple the size of the Australian space sector from an estimated AUD$4 billion in 2016 to AUD$12 billion and create an additional 20,000 jobs by 2030. To help facilitate this growth, the Australian Government has committed more than AUD$2 billion to the civil space sector since 2018 for programs spanning Earth Observation, satellite infrastructure, high-tech manufacturing, and support for NASA’s Moon to Mars Artemis Program. The Australian Government has also committed AUD$17 billion above and beyond this civil space investment for the development of Defence space capabilities as part of the 2020 Force Structure Plan to maintain and upgrade existing space capabilities, as well develop new capabilities to solve problems domestically and service global partners. The Five Eyes intelligence alliance between Australia, Canada, New Zealand, the United States, and the United Kingdom is one such example of Australia’s global partnerships. With the establishment of Rocket Lab Australia, the Company now expands its support of the alliance with operations in all but one of the participating countries.
“Australia has an accomplished history in the space sector having developed strong capabilities in Earth observation, space tracking and satellite operations. Coupled with Australia’s renewed focus on industrial capability and advanced manufacturing, the industry is now poised for an era of rapid expansion driven by new technology, a growing demand for space enabled data, private investment, and a significantly increased funding commitment from the Australian Government,” said Rocket Lab founder and CEO Peter Beck. "Rocket Lab has already played a key role in supporting Australia’s rapid growth in space by flying several commercially developed Australian satellites on Electron, as well as national launching security payloads developed in partnership with Australia’s Department of Defence. Our space systems technology has also featured on Australian missions, enabling Australian technology already relied upon by the nation. By building on our deep expertise and proven heritage as a global leader in launch and space systems, Rocket Lab is well positioned to advance Australia’s capabilities in space. We have people on the ground already and we look forward to exploring opportunities where they make strategic sense for us as a business, and where we can truly strengthen Australia’s position in the global space sector.”
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+ 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, the Photon satellite platform 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 155 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 Photon spacecraft platform has 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 may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this release, including statements regarding our expectations of financial results for the fourth quarter of 2022, strategy, future operations, future financial position, projected costs, prospects, plans and objectives of management, are forward-looking statements. Words such as, but not limited to, “anticipate,” “aim,” “believe,” “contemplate,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “suggest,” “strategy,” “target,” “will,” “would,” and similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on Rocket Lab’s current expectations and beliefs concerning future developments and their potential effects. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond Rocket Lab’s control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including risks related to the global COVID-19 pandemic; risks related to government restrictions and lock-downs in New Zealand and other countries in which we operate that could delay or suspend our operations; delays and disruptions in expansion efforts; our dependence on a limited number of customers; the harsh and unpredictable environment of space in which our products operate which could adversely affect our launch vehicle and spacecraft; increased congestion from the proliferation of low Earth orbit constellations which could materially increase the risk of potential collision with space debris or another spacecraft and limit or impair our launch flexibility and/or access to our own orbital slots; increased competition in our industry due in part to rapid technological development and decreasing costs; technological change in our industry which we may not be able to keep up with or which may render our services uncompetitive; average selling price trends; failure of our launch vehicles, spacecraft and components to operate as intended either due to our error in design in production or through no fault of our own; launch schedule disruptions; supply chain disruptions, product delays or failures; design and engineering flaws; launch failures; natural disasters and epidemics or pandemics; changes in governmental regulations including with respect to trade and export restrictions, or in the status of our regulatory approvals or applications; or other events that force us to cancel or reschedule launches, including customer contractual rescheduling and termination rights; risks that acquisitions may not be completed on the anticipated time frame or at all or do not achieve the anticipated benefits and results; and the other risks detailed from time to time in Rocket Lab’s filings with the Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” in Rocket Lab’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 24, 2022, and elsewhere (including that the impact of the COVID-19 pandemic may also exacerbate the risks discussed therein). There can be no assurance that the future developments affecting Rocket Lab will be those that we have anticipated. Except as required by law, Rocket Lab is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.