Lockheed Martin [LMT] on June 29 said its venture unit has made an equity investment in Terran Orbital, expanding its access to a technology innovator in the area of nanosatellites for customers in the commercial and government sectors.
Terms of the investment, which includes cash and in-kind investments for an equity stake in Terran, were not disclosed.
Lockheed Martin said it has partnered with Terran previously on missions for NASA and the Defense Department and that the investment allows it to expand this relationship.
Terran, which is based in California and also has an office in Italy, does design, development, manufacturing, testing and launch around nanosatellites. The company is focused on providing its capabilities at far lower costs than traditional satellite developers.
Lockheed Martin’s satellite technology runs the gamut from cubesats, which are miniaturized satellites, to larger, full-capability systems. Terran’s expertise in nanosats will help the company further advance the technology, a Lockheed Martin spokeswoman told sister publication Defense Daily via email.
The investment will help drive Lockheed Martin’s satellite capabilities toward lower cost, more responsive solutions to meet customer demands.
“Terran brings established customer relationships across a broad range of civil, military, commercial and classified customers,” Chris Moran, executive director and general manager of Lockheed Martin Ventures, said in a statement. “This opportunity to invest in a nanosat leader allows us to address our customers’ increasing interest in rapid, responsive and cost effective technology missions and demonstrations.”
Lockheed Martin Ventures is a funding arm of Lockheed Martin that invests in early-stage companies with a focus on longer-term, strategic investments in technology that could drive future growth for the company.
Tony Previte, president and CEO of 10-year old Terran, said in a statement that the investment will help the company grow and provide more solutions to its customers given the strengthened partnership with Lockheed Martin.
Terran goes to market through its Tyvak and Tyvak International brands.