Lockheed Martin increases its bet on satellite manufacturer Terran Orbital with $100 million investment
Summary
Aerospace giant Lockheed Martin is deepening its investment in satellite manufacturer Terran Orbital with a $100 million investment and a cooperation agreement for the development and sale of smallsats through 2035.Terran also announced that it will now build its massive, $300 million space vehicle manufacturing facility in Irvine, California, not Florida as originally planned. Its a big loss for Space Florida, the states economic development agency focused on aerospace, which was going to provide the conduit financing for the facility.Boca Raton, Florida-based Terran Orbital is a contract manufacturer, designing and building satellites for the U.S. government and commercial customers. The new funds from Lockheed will go toward acquiring additional assembly space and increasing satellite module production, Terran said in a statement. Terran said the conflict in Ukraine showed the need for advanced satellite imagery.Terran Orbital is one of a handful of space ventures that have gone public via a merger with a special purpose acquisition vehicle, or SPAC. Like other companies post-SPAC merger, Terrans stock value has plummeted since its public market debut: its currently down around 72% year to date.