Lockheed Martin Ventures Leads Further Investment in Agile Space to Support Accelerating Growth
With new funding, in-space propulsion company plans to expand and accelerate development of its Mobile Payload Processing Center
Durango CO - Sept 26, 2024 - Agile Space Industries (Agile) announced the completion of a fully subscribed financing round to coincide with the qualification for potential matching funding from the Air Force Work Project (AFWERX). If granted, AFWERX funding would be utilized to accelerate and further develop Agile’s Mobile Payload Processing Center (MPPC). Investment funds are already being utilized by Agile to boost hiring and infrastructure expansion to support the company’s growing commercial backlog.
Lockheed Martin Ventures (LMV) led the round, furthering their investment in Agile following participation in its 2023 seed round. "Lockheed Martin is a leader in cutting-edge technology and innovation within the rapidly changing space economy,” said Chris Moran, vice president and general manager of Lockheed Martin Ventures. “Our continued investment in Agile demonstrates our dedication to accelerating groundbreaking technologies that not only meet a critical need in the industry, U.S. space programs and the Pentagon, but also propels us further towards uncovering the mysteries of space."
Agile’s upward trajectory has been driven by commercial momentum and operational execution, as reflected by a growth in bookings and revenue from 2022 to 2023 of more than 90% and 40% respectively. The rapid growth, which accelerated in 2024, comes from demand for both chemical propulsion thrusters and tanks across the civil, commercial, and national security space sectors in support of U.S. and international customers.
Moving forward, Agile is working to further expand their product portfolio and scale production and test infrastructure capacity. “Agile is on a great trajectory with our focus shifting to execution to deliver our current and expected commercial backlog,” said Agile CEO Chris Pearson. “We need to continue to scale-up to meet the needs of our customers. Our fundraising activities are key to staying ahead of our growth needs.”
Notable new investors in Agile included Veteran Ventures Capital (VVC) and BOKA Capital. Joshua Weed, General Partner at VVC added, “Agile strongly aligns with our investment strategy, focusing on dual-use technologies that bolster national security and commercial space capabilities. This investment complements our existing stake in Phase Four, broadening our portfolio to cover both electric and chemical propulsion needs for diverse mission profiles.”
AGILE SPACE INDUSTRIES:
Agile Space Industries is an in-space propulsion solution provider, specializing in hypergolic chemical systems. Agile has industry leading expertise in the design of chemical-propulsion rocket thrusters. Rapid prototyping, development, qualification, and delivery is catalyzed by in-house additive manufacturing and engine test capability. The company employs more than 65 people between facilities in Durango, Colorado and Mount Pleasant, PA which specialize in component, system development, test, and additive manufacturing. Agile is working with numerous primes as well as the U.S. Government on various spacecraft and launch vehicle propulsion projects. Learn more at agilespaceindustries.com
MEDIA CONTACT:
Juleah Kaliski
juleah.kaliski@agilespaceindustries.com
530-351-2179
