Lockheed Martin has agreed to invest in Rocket Lab, a New Zealand-based rocket research and development company, to support exploration of future aerospace technologies.
The funds will allow Rocket Lab to accelerate work on its carbon-composite Electron launch system, which is planned to begin operations as early as 2016.
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Electron is being designed to launch a satellite into orbit at a cost of less than $5m. The vehicle is claimed to be the first in its class to deliver payloads weighing 100kg into low-earth orbits.
Lockheed Martin chief scientist Ned Allen said: "Lockheed Martin pursues technology investments that help us keep pace with innovation across the industry.
"Rocket Lab’s work could have application in a number of aerospace domains, and we look forward to working with them to complement our overall efforts in small lift capabilities and hypersonic flight technologies."
Rocket Lab has completed a Series B financing round, led by Bessemer Venture Partners (BVP).
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By GlobalDataBVP partner David Cowan said: "On the South Pacific islands of New Zealand, a world class team of engineers is designing a rocket that will revolutionise aerospace.
"With unprecedented economy, reliability, fuel efficiency and frequency, Electron is the transformational launch option that small satellite constellations need to usher in a new era of space colonisation."
Rocket Lab plans to provide updates on the Electron launch system in April at the Space Symposium in Colorado Springs, US.
Image: Rocket Lab is developing Electron launch system to launch a satellite into orbit at a cost of less than $5m. Photo: courtesy of Rocket Lab Ltd.
