mPower Technology Receives Major Investment from Lockheed Martin
mPower Technology Secures Strategic Investment
mPower Technology, Inc. is making waves in the field of space solar technology with a recent strategic investment from Lockheed Martin Ventures. This funding marks a significant step forward in mPower's mission to provide flexible solar power solutions tailored for use in space. The investment is part of mPower's Series B funding round, which has now exceeded a total of $24 million.
Impact of the Investment on mPower Technology
The influx of capital will enable mPower to scale the production of its innovative DragonSCALES™ solar modules, which have already demonstrated their capabilities in orbit. These modules offer a unique combination of flexibility, resilience, and cost-effectiveness, which are essential for powering future space missions.
Leadership Insights
President and CEO of mPower, Kevin Hell, expressed enthusiasm about the partnership with Lockheed Martin Ventures, noting that their involvement highlights mPower's critical role in the expanding space economy and its alignment with national security priorities. He emphasized the importance of scalable and affordable solar power solutions for enhancing U.S. space operations.
Collaborative Network of Investors
Lockheed Martin Ventures joins a robust portfolio of investors that includes Razor’s Edge Ventures and Shield Capital. These companies are dedicated to fostering technologies that contribute to national security and robust space infrastructure. This collaboration indicates a collective commitment to advancing innovative technologies within the space sector.
Vision for National Security
Chris Moran, vice president and general manager at Lockheed Martin Ventures, underscored the critical importance of reliable power solutions in supporting future space operations. He pointed out that mPower’s technology effectively addresses some of the most challenging issues faced in space power production. This advancement could transform spacecraft design, making it more efficient and adaptable.
Future Prospects for mPower Technology
DragonSCALES has already caught the attention of key players in the space sector. The technology has been selected for multiple significant programs, including Airbus Netherlands B.V.'s Sparkwing solar arrays, which aim to enhance the power supply for MDA’s AURORA satellites. Furthermore, production at mPower’s state-of-the-art facility in New York is set to generate over two megawatts annually, outpacing the total global output of traditional solar suppliers focused on gallium arsenide.
Established Trust in Space Solutions
With over 12 years of successful performance in orbit, mPower Technology has established itself as a trusted partner for various leading companies such as Airbus, Blue Origin, and Firefly Aerospace. This well-earned reputation sets a solid foundation for future collaborations and innovations in space solar technology.
About mPower Technology, Inc.
mPower Technology is at the forefront of revolutionizing space solar solutions with its DragonSCALES™. Designed for mass production, these modules utilize standard silicon processes to provide high-performance solar energy for a diverse range of spacecraft. For more information, you can explore their official website and follow them on social media platforms.
About Lockheed Martin Ventures
Lockheed Martin Ventures is part of a renowned global defense technology firm that prioritizes innovation and scientific discovery. Their mission encompasses providing transformative solutions that support national security and technological advancements in various domains.
Frequently Asked Questions
What is the significance of Lockheed Martin's investment in mPower Technology?
This investment aims to enhance mPower's production capabilities for solar power solutions in space, validating their innovative technology in the industry.
How does DragonSCALES technology benefit space missions?
DragonSCALES offers flexible, resilient, and cost-effective solar power solutions, suitable for various spacecraft and space missions.
Who are the other investors in mPower’s Series B funding round?
Razor’s Edge Ventures and Shield Capital are notable investors, focusing on technologies relevant to national security and space infrastructure.
What is mPower Technology’s experience in the space sector?
With over 12 years of on-orbit heritage, mPower has proven itself as a trusted provider of solar technology to multiple prestigious aerospace companies.
How much solar power can mPower produce annually?
The facility in New York is expected to produce over two megawatts of DragonSCALES annually, significantly contributing to the solar power supply for space applications.
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