Rocket Lab is working on a new lightweight, cost-effective 10t rocket that can take satellites into space for an estimated $6m, significantly lower than current costs of $155m and more quickly.
Mainly aimed at revolutionising the global space industry, the new 18m long Electron would facilitate companies to launch small satellites into orbit.
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Rocket Lab CEO Peter Beck said: "The innovation behind Electron will release the limitations on launching small satellites.
"Our vision at Rocket Lab is to make space commercially viable and more accessible than ever, doing what the Ford Model T did for consumer automobiles. This technology will really open space for business.
"Along with benefits for commercial enterprises, cheaper and faster space access has the potential to lead to more accurate weather prediction, global high-speed internet access, as well as real-time monitoring of the impacts of human development."
Claimed to be the first vehicle in its class to deliver payloads about 100kg into low Earth orbits (LEO), the Electron will also trim down the time consumed to launch a satellite from years to weeks via vertical integration with Rocket Lab’s private launch facility.
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By GlobalDataPowered by ten 530,000hp liquid oxygen and kerosene powered engine called Rutherford, the new rocket offers a maximum speed of 27,500kph, with a maximum engine thrust of 146,000N.
In addition, Electron-launched satellites could stay in orbit for five to seven years, which can be commissioned for purposes, including weather prediction, real-time mapping, high-speed internet and climate change monitoring.
