Sierra Space & Spirit AeroSystems Form Strategic Partnership to Bring Affordable Space Systems to Market

Rhea-AI Summary

Sierra Space and Spirit AeroSystems announced a strategic partnership to enhance the production of Shooting Star cargo modules under the Dream Chaser franchise. This collaboration aims to broaden access to the commercial space economy by lowering costs and accelerating market entry. Spirit AeroSystems will provide industrial manufacturing expertise, supporting NASA resupply missions for the International Space Station under the CRS-2 contract. Sierra Space previously secured $1.4 billion in Series A funding to advance its space transportation systems.

Positive

• Formation of a strategic partnership with Spirit AeroSystems to enhance production efficiencies.
• Sierra Space has secured $1.4 billion in Series A funding, supporting its advancements in space transportation.

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• None.

New Agreement Will Significantly Lower the Cost of Access to Space, Accelerate Production of Shooting Star™ Cargo Modules as Part of the Expanding Dream Chaser^® Spaceplane Franchise

LOUISVILLE, Colo. & WICHITA, Kan.--(BUSINESS WIRE)-- Sierra Space and Spirit AeroSystems, Inc. [NYSE: SPR] today announced the formation of a long-term strategic partnership intended to accelerate access to a vibrant commercial space economy of the future.

Sierra Space and Spirit AeroSystems, Inc. will work together in the development and production of future affordable Shooting Star Transport Vehicles under a Letter of Intent signed between the two companies. (Photo: Business Wire)

Spirit Defense & Space will assist in the development and production of future affordable Shooting Star Transport Vehicles under a Letter of Intent signed between the two companies. The agreement also provides for the two companies to work together to develop innovative technologies and processes to accelerate Sierra Space’s expanding Dream Chaser family of scalable spaceplanes to the market.

Sierra Space is a leading commercial space company at the forefront of creating and building the future of space transportation and infrastructure for low-Earth orbit commercialization. Using Sierra Space’s growing range of space transportation, infrastructure and associated technologies, the company intends to expand access to the space economy for other commercial entities and enable the discoveries and innovations of the future.

Spirit Defense & Space will work with Sierra Space to enhance accessibility and efficiency of the Sierra Space Shooting Star cargo module system to advance a family of cargo and service modules for on-orbit services. The collaboration combines the strength of Sierra Space’s advanced space technology expertise with Spirit AeroSystem’s renowned aerospace industrialization proficiencies. Visit Shooting Star Cargo Module to view a time lapse of the first module’s construction.

“Through this long-term partnership, Sierra Space is delighted to begin work with Tom’s team at Spirit AeroSystems, widely recognized as leaders in the aerospace industry and aligned with our vision of an accessible and vibrant space economy,” said Sierra Space CEO, Tom Vice. “Working with Spirit Defense & Space, we will broaden access to tomorrow’s space economy; lowering the cost of entry and increasing the speed to market of Sierra Space’s Dream Chaser franchise. Together we will accelerate the commercialization of space.”

Vice continued, “Shooting Star is another innovative technological solution from Sierra Space for the new space economy, and with Spirit as a key partner, we are broadening accessibility to our offering and increasing efficiencies to accelerate more widespread adoption.”

Aiming to revolutionize commercial space missions to new destinations, this new partnership will leverage the combined strengths of Sierra Space and Spirit Defense & Space to design, fabricate, assemble, integrate and test affordable cargo modules for upcoming NASA missions and expand the versatility of variant designs in support of future Sierra Space cargo and service missions.

“We are very excited about the opportunity this partnership with Sierra Space represents. Spirit AeroSystems brings unparalleled value in terms of design for manufacturability and industrialization to help scale production rates on the Dream Chaser and its derivatives,” said Tom Gentile, President and CEO, Spirit AeroSystems. “We look forward to joining Sierra Space on its mission to create exciting breakthroughs that enable existing businesses, entrepreneurs, researchers and governments to empower humanity to enhance life on Earth. We are grateful to Senator Jerry Moran of Kansas, who assisted with connecting our two companies to make this partnership possible.”

Initially, the partnership intends to establish production efficiency and integrated assembly solutions for Sierra Space’s Shooting Star cargo module, supporting resupply missions to the International Space Station (ISS) under the NASA Commercial Resupply Services 2 (CRS-2) contract.

Sierra Space's Shooting Star is a 15-foot transport vehicle that attaches to the rear of the Dream Chaser^® spaceplane. The module will carry up to 10,000 pounds of pressurized and unpressurized cargo, including critical science and provisions. Solar panels deliver six kilowatts of electrical power to the spacecraft, while six mounted thrusters provide Dream Chaser maneuverability.

In November 2021, Sierra Space secured $1.4 billion in capital, the largest Series A capital raise in 2021 and the industry’s second largest private capital raise in history. The Series A investment was led by General Atlantic, Coatue and Moore Strategic Ventures, with participation from funds and accounts managed by BlackRock Private Equity Partners and AE Industrial Partners. The funding is accelerating the development of the company’s space transportation systems – led by the Dream Chaser® spaceplane, in-space destinations for LEO commercialization, and advanced technologies and space applications.

About Sierra Space

Sierra Space (www.sierraspace.com) is a leading commercial space company that is building platforms in space to benefit life on Earth. With more than 30 years and 500 missions of space flight heritage, Sierra Space is enabling the future of space transportation with Dream Chaser^®, the world’s only winged commercial spaceplane. Expected to launch in early 2023 on a series of NASA missions, Dream Chaser can safely carry cargo - and eventually crew - to on-orbit destinations, returning to land on compatible commercial airport runways worldwide. Sierra Space is also building the LIFE™ habitat, a three-story commercial habitation and science platform designed for low Earth orbit (LEO). Both Dream Chaser and LIFE are central components to Orbital Reef, a mixed-use business park in LEO being developed by principal partners Sierra Space and Blue Origin, which is expected to be operational by 2027.

About Spirit AeroSystems Inc.

Spirit AeroSystems is one of the world's largest manufacturers of aerostructures for commercial airplanes, defense platforms, and business/regional jets. With expertise in aluminum and advanced composite manufacturing solutions, the company's core products include fuselages, integrated wings and wing components, pylons, and nacelles. We are leveraging decades of design and manufacturing expertise to be the most innovative and reliable supplier of military aerostructures, and specialty high-temperature materials, enabling warfighters to execute complex, critical missions. Spirit also serves the aftermarket for commercial and business/regional jets. Headquartered in Wichita, Kansas, Spirit has facilities in the U.S., U.K., France, Malaysia and Morocco. More information is available at www.spiritaero.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking statements" that may involve many risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "aim," "anticipate," "believe," "could," "continue," "estimate," "expect," "goal," "forecast," "intend," "may," "might," "objective," "outlook," "plan," "predict," "project," "should," "target," "will," "would," and other similar words, or phrases, or the negative thereof, unless the context requires otherwise. These statements reflect management's current views with respect to future events and are subject to risks and uncertainties, both known and unknown. Our actual results may vary materially from those anticipated in forward-looking statements. We caution investors not to place undue reliance on any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in such forward-looking statements and that should be considered in evaluating our outlook include, without limitation, the impact of the COVID-19 pandemic on our business and operations; the timing and conditions surrounding the full worldwide return to service (including receiving the remaining regulatory approvals) of the B737 MAX, future demand for the aircraft, and any residual impacts of the B737 MAX grounding on production rates for the aircraft; our reliance on Boeing for a significant portion of our revenues; our ability to execute our growth strategy, including our ability to complete and integrate acquisitions; our ability to accurately estimate and manage performance, cost, and revenue under our contracts; demand for our products and services and the effect of economic or geopolitical conditions in the industries and markets in which we operate in the U.S. and globally; our ability to manage our liquidity, borrow additional funds or refinance debt; and other factors disclosed in our filings with the Securities and Exchange Commission. These factors are not exhaustive and it is not possible for us to predict all factors that could cause actual results to differ materially from those reflected in our forward-looking statements. These factors speak only as of the date hereof, and new factors may emerge or changes to the foregoing factors may occur that could impact our business. Except to the extent required by law, we undertake no obligation to, and expressly disclaim any obligation to, publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220531005668/en/

Sierra Space



Alex Walker

(303) 803-2297

alex.walker@sncorp.com



Eric Becker

ICR for Sierra Space

(303) 638-3469

sierraspace@icrinc.com

Spirit AeroSystems, Inc.



Investor Relations:

(316) 523-7040

Ryan Avey, ryan.d.avey@spiritaero.com

Aaron Hunt, aaron.w.hunt@spiritaero.com

Media:

Forrest Gossett

(316) 803-2975

forrest.s.gossett@spiritaero.com

Source: Sierra Space

FAQ

What is the significance of the partnership between Sierra Space and Spirit AeroSystems for ticker SPR?

The partnership aims to enhance production efficiency and lower costs for the Shooting Star cargo modules, accelerating access to the commercial space economy.

How much funding did Sierra Space secure in 2021?

Sierra Space secured $1.4 billion in Series A funding, making it the largest capital raise in its category for 2021.

What is the Shooting Star cargo module?

The Shooting Star is a 15-foot transport vehicle designed to carry up to 10,000 pounds of cargo for NASA missions.

What contract will Sierra Space support with its Shooting Star cargo module?

The Shooting Star cargo module will support NASA's Commercial Resupply Services 2 (CRS-2) contract.