Lockheed Martin-led Group Invests Millions in New Terran Orbital Nanosatellite Facility
Lockheed Martin, Beach Point Capital, Goldman Sachs and a consortium of investors issued $36 million in Series B financing to end-to-end nanosatellite and microsatellite services and solutions provider Terran Orbital. The Irvine, California-based company will use the proceeds from the financing to purchase additional equipment for its new, 40,000-square foot design and production facility, the size of which would make it the largest manufacturer of nanosatellites in the world. Terran Orbital will also use the funds to expand its workforce.
Lockheed Martin Ventures Executive Director and General Manager Chris Moran said that his company chose to expand upon its existing relationship with Terran Orbital, as both an investor and a customer, to support the LM 50 Series Satellite Bus System.
“With the added capacity of our new facility, Terran Orbital is well-positioned to meet the tremendous demand from our government, military and commercial customers to gain access to our nano- and microsatellite technology. Our ability to cost-effectively design, build and launch our small satellites within 6-12 months puts us in an enviable, competitively-advantaged position,” Terran Orbital Co-Founder and CEO Tony Previte said in a statement.