Astra, a privately funded space launch company, has agreed to acquire Apollo Fusion in a transaction valued up to $145 million. Apollo Fusion manufactures electric propulsion engines. Astra anticipates the acquisition will allow it to provide launch and space services beyond low Earth orbit, to medium Earth orbit, geosynchronous and lunar orbits.
“In addition to increasing Astra’s total addressable market for launch services, the acquisition of Apollo Fusion accelerates Astra’s ability to efficiently deliver and operate spacecraft beyond low Earth orbit,” said Astra founder, chairman, and CEO Chris Kemp.
“Scale is what makes innovation matter,” said Reid Hoffman, partner at Greylock and lead investor in Apollo Fusion. “I’m excited that Apollo Fusion will be a key enabler of Astra’s hyperscale space platform.”
Under the agreement, Astra is acquiring Apollo Fusion for a purchase price of $50 million: $30 million in stock and $20 million in cash.
“Propulsion systems open new destinations,” said Apollo Fusion founder and CEO, Mike Cassidy. “Our team is excited to combine the flexibility of in-space propulsion with the world’s most responsive launch provider.”
PJT Partners is acting as financial advisor to Astra in connection with this series of transactions.