Lockheed Martin silently drops in-space transport firm Momentus, 6 months after involving it on the squad which was a NASA technology agreement. Lockheed is one of 14 firms that get Tipping Point accolades from NASA in October 2020. This is in order to determine key technologies necessary for ecological lunar exploration. Lockheed’s reward was the major single pact, which is worth $89.7 million, to review liquid hydrogen storage capacity technologies on a minor satellite.
In its particular report about the agreement, Lockheed Martin said it is operating with numerous businesses to create and fly the mission. Those allies consist of Momentus, who would incorporate the payload on its Vigoride transferal vehicle. The launch is in October 2023 on Relativity Space’s Terran 1 small launch vehicle.
On 7th April, filing of a Securities and Exchange Commission is underway. Momentus reveals that Lockheed Martin drops Momentus from that deal. The firm said, “Lockheed Martin chose not to continue with Momentus as their affiliate for the NASA Tipping Point deal.”
Momentus did not describe in the statement why Lockheed terminated their collaboration. A firm representative refuses to give further details. Lockheed Martin said that it is “dedicating time to execute the NASA Cryogenic Demonstration Mission for NASA. This is as we get to the final conclusions on contractors.”
Momentus mentions the following in the SEC filing that whilst it lost its role on the Tipping Point deal:
- Lockheed signals that this act will not affect its capability to do business with Momentus in the future
- Momentus presently has an alternative contract with Lockheed.
- The firm did not recognize that agreement, but Lockheed Martin is collaborating with the University of Southern California
- The collaboration is on a CubeSat plan whose first task will be introduced on a Vigoride vehicle.
Stable Road Acquisition Corporation (SRAC) is a special-purpose acquisition firm. The failure of the Tipping Point partnership is another complication for a business that faces many government reviews. In addition, it also is working with SRAC for a complete merger.
The inquiries and postponements have had some impact on the business’s backlog of clients. Momentus said that 2 clients for that first Vigoride assignment chose not to fly with the company. This is subsequently after the January interruption and an absence of assurances that the operation launches in June. Another client confronted what Momentus names “a technical problem with its satellite producer which causes it to rebook on a mission with another contractor.”
The collective consequence of those activities, comprising Lockheed’s decision not to partner with Momentus, is less than $5 million, the business stated. Momentus in addition said that its efforts to discourse its foreign possession problems are beginning to pay off. The statement says, “The departure of Mr. Kokorich and the determination of the U.S. government’s national security worries relate to his control and proprietorship. This could present new prospects for Momentus.”
The company adds, “For instance, Momentus has seen an increase in attention from probable clients with safety permissions who earlier had spoken unwillingness to involve with Momentus. However, such attention is initial and may not consequence in any conclusive agreements or decisive promises or any profits for Momentus.”