PHOENIX, Feb. 20,
2024 /PRNewswire/ -- Trinity Capital Inc. (NASDAQ:
TRIN) ("Trinity"), a leading provider of diversified financial
solutions to growth-stage companies, today announced the commitment
of $120 million in equipment
financing to Rocket Lab USA, Inc.
(NASDAQ: RKLB) ("Rocket Lab"), a leading provider of space launch
services and advanced satellite technology.
Based in Long Beach,
California, Rocket Lab is an end-to-end space company that
provides launch services, satellite manufacturing, spacecraft
components, and on-orbit management solutions. Rocket Lab designs
and produces technology that has been integrated into over 1,700
satellites globally and has deployed 176 satellites through 43
launches to date.
"Our partnership with Rocket Lab underscores our commitment to
fostering groundbreaking technologies and advancing the
capabilities of companies at the forefront of space innovation,"
said Kyle Brown, CEO of Trinity. "We
look forward to supporting the Rocket Lab team and providing
equipment financing to further fuel the growth of manufacturing
needs in the U.S."
This financing comes on the heels of Rocket Lab's $515 million contract with the Space Development
Agency to design, develop, produce, test, and operate 18
satellites.
"Rocket Lab is not only delivering reliable launch services but
is also driving innovation for satellite component manufacturing
and software in the aerospace industry," said Cory Cramer, Director of Equipment Financing at
Trinity. "We are excited to partner with their team as they
continue to make access to space faster, easier, and more
affordable."
The new debt facility from Trinity will be used to fuel Rocket
Lab's expansion plans by financing additional manufacturing
capacity, testing equipment, and R&D.
"As we continue scaling our launch and space systems businesses
to meet the growing demand for space services, we're pleased to
partner with the dedicated team at Trinity to accelerate our
expansion," said Adam Spice, Rocket
Lab Chief Financial Officer. "This partnership enables us to build
on the strong momentum as an established leading launch provider,
and now also a satellite prime contractor, delivering reliable
space services to a growing base of commercial and government
customers."
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN), an internally managed
business development company, is a leading provider of diversified
financial solutions to growth-stage companies with institutional
equity investors. Trinity Capital's investment objective
is to generate current income and, to a lesser extent, capital
appreciation through investments, including term loans and
equipment financings and equity-related investments. Trinity
Capital believes it is one of only a select group of specialty
lenders that has the depth of knowledge, experience and track
record in lending to growth stage companies. For more information,
please visit the Company's website at www.trinitycap.com.
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 172 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.
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SOURCE Trinity Capital Inc.