Small-satellite maker Terran Orbital Corp. is following through on its commitment to build up its Orange County operations, as it predicts there will be a market for thousands of satellites launched into orbit over the next decade.
Terran Orbital, the Florida-based parent company of Irvine’s Tyvak Nano-Satellite Systems Inc., said this month it signed a 10-year lease for an additional 60,000-square-foot commercial facility in Irvine. The 50 Technology Dr. site is adjacent to the company’s existing facility at 15330 Barranca Parkway, near the city’s train station.
The new Irvine facility will focus on assembly and production. It will provide space for staff and equipment beginning later this year.
Earlier this month, the company said it received contracts and awards totaling more than $170 million since September, with plans progressing for a public listing of the company.
Along with the new production hub, Terran has also taken 89,000 square feet of office space at the Irvine Co.-owned 400 Spectrum Center tower.
“Our team continues to focus on delivering the highest quality solutions at a compelling price,” Terran Orbital co-founder and CEO Marc Bell said in an announcement on Feb. 15.
$1.6B Valuation
Terran plans to merge with blank-check company Tailwind Two Acquisition Corp., a special purpose acquisition company (SPAC), in a move that will take Terran public in a transaction valued at close to $1.6 billion.
The two companies said in October they expect the merger to take place by the end of next month.
A shareholders meeting for Tailwind Two is scheduled for March 22 to approve the SPAC transaction.
Bell, when contacted by the Business Journal, declined to provide any further information, citing a quiet period prior to the merger’s completion.
Terran’s business deals include multiple agreements and awards from several government and commercial customers. The agreements with the federal government raise potential funding issues, Terran said in a recent statement.
“As always, government contracts and programs are subject to the availability of Congressional appropriations and authorizations, as well as the federal budget process,” the company said in a statement on Feb. 15. “Accordingly, Terran Orbital may not predict if and when the anticipated revenue from these government programs and awards will be recognized.”
Scaling Up
The $170 million in recent contracts “amplifies our ability to produce satellites at scale,” said William Beck, Terran vice president of infrastructure. “We look forward to helping produce the thousands of satellites expected to launch into orbit over the next 10 years.”
In September, Terran said it planned to build what the company believes will be one of the largest satellite manufacturing complexes in the world in Brevard County, Fla.
Once completed, it is expected that the 660,000-square-foot facility will create approximately 2,100 new jobs on Florida’s Space Coast. Terran Orbital said it planned to invest $300 million in the facility.
Terran Orbital combines satellite design, production, launch planning, mission operations and in-orbit support to meet the needs of military, civil and commercial customers. The company was advertising for 37 jobs in Irvine on its website as of Feb. 21, including associate general counsel and flight software engineer, spacecraft.Â
