An unidentified investor has pumped $20 million in equity into a Houston-based aerospace company.
Intuitive Machines says the investment was made in exchange for stock and stock warrants.
Intuitive Machines has earmarked the $20 million for general expenses and working capital to fuel “activity across key growth programs.” The company says the investment likely means it won’t need unused, previously disclosed equity financing of $50 million.
In one of those key growth programs, publicly traded Intuitive Machines is gearing up to launch three lunar landers in 2023 and 2024.
And in a deal valued up to $719 million, Intuitive Machines is leading a joint venture working on the federal government’s Joint Polar Satellite System. Intuitive Machines supplies products and services to support robotic and human space exploration.
“This equity investment will … provide the working capital needed to execute for our customer on Day 1,” says CEO Steve Altemus, referring to the satellite system.
The satellite system helps the National Weather Service forecast severe weather. Houston-based engineering and construction company KBR is Intuitive Machines’ partner in the joint venture.
The polar project launched its first satellite in 2011. By 2032, the system will feature five satellites.
The satellites measure conditions in the atmosphere, in oceans, and on land. These conditions include temperatures, moisture, clouds, rainfall, dense fog, volcanic ash, smoke and fires, snow and ice cover, and ozone.
Intuitive Machines is preparing to occupy its $40 million Lunar Production and Operations Center at the Houston Spaceport. The City of Houston and the Houston Airport System helped finance the company’s facility.
“We continue to be disciplined and opportunistic with capital. Given the timing of milestone-based [contract] payments, we [have] elected to strengthen our balance sheet defensively, as we grow and execute on new programs,” says Erik Sallee, chief financial officer of Intuitive Machines.
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