Space News reports that small launch provider Vector and its subsidiary, Garvey Spacecraft Corporation, have filed for Chapter 11 bankruptcy in Delaware.
Vector had been delveloping the Vector-R booster to loft small satellites into low Earth orbit. However, it laid off most of its employees in August due to financial difficulties. CEO Jim Contrell left the company, with John Garvey taking over.
Space News reports:
According to industry sources familiar with the company, the August layoffs were triggered when one of the company’s major investors, venture fund Sequoia, withdrew its support for the company because of concerns about how the company was managed. That came as Vector was working on a new funding round, and Sequoia’s decision had a domino effect, causing other investors to back out. Sequoia didn’t respond to a request for comment in August about any role it played in Vector’s problems.
The company is currently being funded through “debtor in possession” financing from Lockheed Martin, according to a resolution by Vector’s board of directors included in the filing. Under a Nov. 20 agreement, Lockheed provided Vector with a $500,000 secured loan and proposed purchasing Vector’s assets associated with a satellite program called GalacticSky for no more than $2.5 million.
While Vector was best known for its small launch vehicle development efforts, it undertook a separate project called GalacticSky to create software-defined satellites. That resulted in a number of patents on the technology and work on prototype satellites the company once planned to start launching this year.
EL SEGUNDO, Calif. (USAF PR) — The U.S. Air Force’s Rocket Systems Launch Program (RSLP) office, part of the Space and Missile Systems Center Launch Enterprise, awarded a $4.9 million contract to Aevum, Inc. today for the Agile Small Launch Operational Normalizer (ASLON)-45 space lift mission via RSLP’s Small Rocket Program-Orbital (SRP-O) framework.
In response to a significant change in financing, Vector Launch Inc (Vector) announced today that it is undertaking a pause of operations. A core team is evaluating options on completing the development of the company’s Vector-R small launch vehicle, while also supporting the Air Force and other government agencies on programs such as the recent ASLON-45 award.
The company plans to make more information available next week.
UPDATE: Berger reports two Vector employees told him the company laid off all its employees today.
Eric Berger reports that rumors of Jim Cantrell’s departure from the role of CEO at Vector are true amid reports that the launch provider is experiencing financial problems.
A spokeswoman for Vector did not comment [financial problems]. However, she did confirm the company has parted ways with its chief executive: “Jim Cantrell is no longer with Vector effective today. John Garvey has assumed the role of CEO.”
The company has been working on developing its Vector-R vehicle and trying to prepare it for a suborbital flight this summer. In an interview in April, Cantrell told Ars that he hoped to fly an upgraded version, Vector-R B1003, on an orbital flight from the Pacific Spaceport Complex in Alaska before the end of this year. The financial difficulties have reportedly arisen just after Vector received some good news in the form of a launch contract from the US Air Force.
This week, the U.S. Air Force awarded Vector a contract worth $3.4 million to orbit satellites under the Small Rocket Program-Orbital program.
TUCSON (Vector PR) — Vector, the space access company, today announced Stephanie Koster will join the team as Chief Financial Officer (CFO). Koster brings more than 20 years of extensive experience in domestic and international strategy, finance, and operations across several Fortune 50 and high growth aerospace companies. As CFO, Koster will lead finance and business operations to enable Vector’s dynamic growth.
“As we look to our future and transition from a period of development into full operations, we needed someone to guide us through this exciting time,” said Jim Cantrell, CEO and co-founder of Vector. “Stephanie’s proven experience in finance, growth, and strategy for some of the world’s largest aerospace companies makes her well-suited to help us achieve our aggressive business goals.”
ARLINGTON, Va. (DARPA PR) — The DARPA Launch Challenge aims to fundamentally shift military space capabilities to enable on-demand, flexible, and responsive launch of small payloads. Three competitors successfully completed the qualification phase and will attempt to launch to low-Earth orbit from two different U.S. locations within a matter of weeks. Teams will receive notice of the first launch site a few weeks prior to launch and exact details on the payload and intended orbit just days before launch. DARPA is targeting both launches for early 2020.
SAN JOSE, Calif. (Vector PR) —Vector, the space access company, today announced its GalacticSky division, which has been in stealth mode since 2016. Led by veterans from VMWare and Citrix, as well as satellite innovators, GalacticSky has achieved a major milestone on its path to launch its first GalacticSky software-defined satellite, GSky-1.
GSky-1 successfully completed integration at the University of Southern California’s Space Engineering Research Center (SERC) at the Information Sciences Institute (ISI) and will validate GalacticSky’s mission to enable innovators to easily and effectively deploy space application technology in space.
TUCSON, Ariz., Jan. 11, 2019 (Vector PR) —Vector, a space access company serving the over $300 billion space market, today announced it will conduct a dedicated launch of a nanosatellite for Hiber later this year from the Pacific Spaceport Complex – Alaska in Kodiak. Hiber, a Dutch company with two nanosatellites already in orbit, plans to utilize the Vector-R dedicated small satellite launch system to deploy its nanosatellite.
TUCSON, Ariz. (Vector PR) – Vector today announced it has entered into a Cooperative Research and Development Agreement (CRADA) with the United States Air Force Space Command and Missile Systems Center’s Space Superiority Directorate. In addition to its nearly three-year partnership with Defense Advanced Research Projects Agency, the CRADA with the Air Force highlights Vector’s continued efforts to develop critical technologies with the U.S Department of Defense.
Located at the Los Angeles Air Force Base in El Segundo Calif., the Space Missile Systems Center will engage in collaborative research and development activities relating to Vector’s launch services and the Air Force’s technology and mission needs. The CRADA is effective for one year and includes provisions for protecting information by both the Air Force and Vector.
Space and Missile Systems Center (SMC), a subordinate unit of Air Force Space Command, is the center of technical excellence for developing, acquiring, fielding and sustaining military space systems. SMC’s mission is to deliver resilient and affordable space capabilities. The center is responsible for on-orbit check-out, testing, sustainment and maintenance of military satellite constellations and other Department of Defense space systems.
Created by the original founding team of SpaceX, Vector connects space startups and innovators with dedicated launch services and enabling platforms to access space more efficiently than ever before. Vector is proud to design, build and launch its vehicles and enabling platforms in the United States of America. For more information, please visit http://www.vector-launch.com
TUCSON, Ariz., Oct. 19, 2018 (Vector PR) — Vector, a leading microsatellite launch company comprised of New Space and enterprise software industry veterans from SpaceX, Virgin Galactic, McDonnell Douglas, Boeing, Sea Launch and VMware, today announced that it has secured $70M in a Series B funding round led by Kodem Growth Partners, in conjunction with Morgan Stanley Alternative Investment Partners.
TUCSON, Ariz. (Vector PR) — Vector, a microsatellite launch company comprised of New Space and enterprise software industry veterans from SpaceX, Virgin Galactic, McDonnell Douglas, Boeing, Sea Launch and VMware, today announced that James (Jim) F. Palmer, the former corporate vice president and chief financial officer of the Northrop Grumman Corporation, has been elected to Vector’s Board of Directors.
A respected veteran of the aerospace community, Palmer brings with him more than 45 years of financial experience, including CFO positions at three Fortune 500 companies, and spanning large corporations such as Northrop Grumman Corporation, Visteon, Boeing Capital Corporation, a subsidiary of The Boeing Company, and McDonnell Douglas Corporation.
Microsatellite launch company receives patent for technology it pioneered, enabling higher performance at reduced cost and complexity
TUCSON, Ariz., Sept. 25, 2018 (Vector PR) — Vector a microsatellite launch company comprised of New Space and enterprise software industry veterans from SpaceX, Virgin Galactic, McDonnell Douglas, Boeing, Sea Launch and VMware, today announced that the company received a U.S. patent for its enhanced liquid oxygen-propylene rocket engine. Vector is the first and only launch provider to utilize propylene fuel and liquid oxygen (LOX) in an operational launch system. This engine patent validates the innovative nature of Vector’s approach and further protects the company’s fundamental technology as it prepares to deliver customer payloads to orbit.
ANCHORAGE, AK (Alaska Aerospace Corporation PR) — Alaska Aerospace today clarified details pertaining to commercial launch activities and development plans at the Pacific Spaceport Complex – Alaska (PSCA), located on Kodiak Island, following misinformation across social media channels.
Alaska Aerospace is responsible for any and all infrastructure development at PSCA, limiting air travel near PSCA, impact to public lands near PSCA and notifying the community of these plans. While Vector Launch Inc. will be conducting an orbital launch at PSCA later this year, Alaska Aerospace does not currently have a contract with Vector or any other commercial launch vendor for construction of a new launch pad at PSCA. Over the last two years, Alaska Aerospace has worked with Vector to explore the establishment of commercial launch operations at existing launch pads at PSCA.