Rocket Lab signs PMT with Department of Commerce for $23.9M in direct funding

Rocket Lab announced the signing of a non-binding preliminary memorandum of terms, or PMT, with the Department of Commerce that would see Rocket Lab receive up to $23.9M in direct funding under the CHIPS and Science Act. The proposed investment would enable Rocket Lab to increase its production of compound semiconductors for spacecraft and satellites, as part of an expansion and modernization of the Company’s facility in Albuquerque, New Mexico. This proposed CHIPS investment would create more than 100 direct manufacturing jobs. The modernization and expansion project would also increase Rocket Lab’s compound semiconductor production by 50% within the next three years-helping to domestically meet the growing national security and consumer demand for these solar cells. In addition to these proposed federal incentives, the State of New Mexico has also committed to providing financial assistance and incentives with a total value of $25.5 million to Rocket Lab in support of this effort.