Latest news with #JasonKim
Yahoo
3 days ago
- Business
- Yahoo
Northrop Grumman Raises $1 Billion Via Debt
Northrop Grumman Corporation (NYSE:NOC), in an exchange filing, said that on May 29, it had issued $1 billion in new senior notes, split evenly between two tranches maturing in 2030 and 2035. The notes, carrying interest rates of 4.650% and 5.250% respectively, were issued on May 29 under an amended and restated indenture. The securities were sold through an underwriting agreement involving Mizuho Securities USA, Goldman Sachs & Co., and Morgan Stanley & Co. as lead company intends to use the net proceeds for various activities, including repayment of existing debt, share repurchases, and working capital. For debt repayment, the company release specifically mentioned the 7.875% and 7.750% senior notes due in 2026. This suggests a strategy to refinance higher-interest debt with the new, lower-interest notes, potentially reducing future interest expenses. As of March 31, 2025, the company held long-term debt (net of current portion) of $14.17 billion. In a separate announcement, the company revealed a $50 million equity investment in Firefly Aerospace, further solidifying its partnership to develop a next-generation medium-lift launch vehicle named Eclipse. This collaborative spacecraft blends the engineering strengths of Northrop Grumman's Antares and Firefly's Alpha rockets. The Eclipse system will offer the capacity to deliver approximately 16 metric tons to low Earth orbit and over three metric tons to geosynchronous transfer orbit. Its modular design integrates heritage components from the Antares line alongside enhanced avionics, a larger 5.4-meter fairing, and upgraded propulsion systems including Firefly's Miranda engines. To date, over 60 hot fire tests have been completed on the Miranda engines, with critical qualification hardware already in fabrication. The vehicle is slated for its first launch as early as 2026 from Wallops Island, Virginia. Executives from both firms praised the alliance. Jason Kim, CEO of Firefly Aerospace, called the partnership 'first-of-its-kind,' emphasizing its potential to transform the launch market. Wendy Williams, VP and GM of Northrop's launch systems unit, highlighted Eclipse's affordability and scalability for civil and security applications. Price Action: NOC shares are trading lower by 0.40% to $477.45 at last check Friday. Read Next:Photo via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? NORTHROP GRUMMAN (NOC): Free Stock Analysis Report This article Northrop Grumman Raises $1 Billion Via Debt originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Broadcast Pro
4 days ago
- Business
- Broadcast Pro
Northrop invests $50m in Firefly Aerospace to advance Eclipse launch vehicle
The vehicle is being built on a hybrid foundation that draws from Northrop Grummans Antares platform and Fireflys Alpha rocket technology. Northrop Grumman Corporation has invested $50m into Firefly Aerospace to further advance production of their co-developed medium launch vehicle, now known as Eclipse. The companies continue to make progress in the development of Eclipse flight hardware, with qualification testing underway and more than 60 Miranda engine hot fire tests performed to date. Jason Kim, CEO of Firefly Aerospace, said: 'Firefly is incredibly grateful for Northrop Grummans investment that further solidifies our first-of-its-kind partnership to build the first stage of Antares 330 and jointly develop Eclipse. Eclipse represents two powerful forces coming together to transform the launch market with decades of flight heritage, a rapid, iterative approach, and bold innovation. With a 16 metric ton to orbit capability, Eclipse is a sweet spot for programs like NSSL Lane 1 and a natural fit to launch proliferated constellations in LEO, MEO, GEO and TLI.' Built upon Northrop Grummans Antares and Fireflys Alpha rocket, Eclipse offers a significant leap in power, performance, production cadence and payload capacity. The launch vehicle retains the flight-proven avionics from the Antares programme with additional upgrades, including a larger 5.4 meter payload fairing. Eclipse also utilises the same first stage Firefly is developing for Antares 330 and retains scaled-up versions of Alphas propulsion systems and carbon composite structures, allowing the team to rapidly build and test Eclipse with significant production efficiencies and economies of scale. Firefly utilised the same patented tap-off cycle architecture from Alphas Reaver and Lightning engines for Eclipses Miranda and Vira engines, and completed mission duty cycle with a 206 second Miranda hot fire, matching the longest time the engine will burn during a flight. Following several development test campaigns, flight hardware has been manufactured for the common dome propellant tanks, engine bay and interstage. Wendy Williams, Vice President and General Manager, Launch and Missile Defense Systems, Northrop Grumman, added: 'Eclipse gives customers the right balance between payload capacity and affordability. Our partnership with Firefly builds on our capacity to provide crucial spaced-based communication, observation, and exploration for civil and national security customers.' Filling a void in an underserved market, Eclipse is equipped to deliver 16,300 kg of cargo to low Earth orbit or 3,200 kg of cargo to geosynchronous transfer orbit. Eclipse will first launch from Wallops Island, Virginia, as early as 2026 and is able to support space station resupply, commercial spacecraft, critical national security missions and scientific payloads for the domestic and international markets.
Yahoo
4 days ago
- Business
- Yahoo
Northrop Grumman doubles down on new rocket investment with Firefly
Northrop Grumman and Firefly Aerospace have given a name to the future medium-lift rocket they plan to build: Eclipse. The two companies are already partnered to help shepherd a new version of Northrop Grumman's Antares rocket, which has not flown since 2023 when the company used the last of its supply of Russian-made engines for the rocket's first stage. A new version of the rocket called the Antares 330 will use seven of Texas-based Firefly's Miranda engines on a redesigned first-stage the company is also developing. Firefly's work on Antares 330 is flowing right into the design of the the larger Eclipse rocket. Northrop Grumman, which is headquartered in West Falls Church, Virginia but has facilities all over the nation including in Florida, announced it was investing a further $50 million into Firefly's development of Eclipse. The new rocket, which won't debut until at least 2026, aims to support space station resupply missions, commercial spacecraft, national security missions and scientific payloads for domestic and international markets, according to a joint press release from the two companies. Eclipse will also be bigger than Antares 330, which could only fly about 17,500 pounds of payload to low-Earth orbit. Eclipse, though, aims to increase capacity to about 36,000 pounds to low-Earth orbit, which is still smaller than the roughly 50,000-pound capacity of SpaceX's Falcon 9 and ULA's new Vulcan, which can fly up to 60,000 pounds. Firefly CEO Jason Kim said Eclipse is in a 'sweet spot' for programs like the National Security Space Launch contracts designed for higher-risk newcomers. It will also be perfect to support commercial satellite constellations, he said. Firefly has its own small-capacity rocket, Alpha, but it has seen limited success on launch. But its other space-based programs have been very accomplished so far, including the first commercial lunar landing to not tip over when its Blue Ghost competed a mission under NASA's Commercial Lunar Payload Services contract. Eclipse's design is based on a combination of Antares and Alpha, and will have an 18-foot-diameter fairing similar to Falcon 9 and Vulcan. Northrop Grumman continues to fly its Cygnus resupply spacecraft to the International Space Station, but has had to hand off launch services to SpaceX until its new Antares is ready. 'Eclipse gives customers the right balance of payload capacity and affordability,' said Wendy Williams, Northrop Grumman's vice president and general manager for its launch and missile defense systems. 'Our partnership with Firefly builds on our capacity to provide crucial spaced-based communication, observation and exploration for civil and national security customers.' Both the Antares 330 and the new Eclipse rocket will launch from Virginia's Eastern Shore from NASA's Wallops Flight Facility, although Firefly also has a launch lease at Cape Canaveral Space Force Station. Eclipse will be built in Briggs, Texas and Chandler, Arizona with qualification testing already underway. The debut of the new Antares rocket could still be this year, possibly for the next Cygnus resupply mission, NG-23, that wouldn't fly until this fall.
Yahoo
4 days ago
- Business
- Yahoo
Northrop Grumman Invests $50 Million in Firefly Aerospace to Advance Medium Launch Vehicle Named Eclipse™
American-manufactured vehicle will launch space station resupply, commercial, and national securityCEDAR PARK, Texas, May 29, 2025 (GLOBE NEWSWIRE) -- Northrop Grumman Corporation (NYSE: NOC) has invested $50 million into Firefly Aerospace to further advance production of their co-developed medium launch vehicle, now known as Eclipse™. The companies continue to make progress in the development of Eclipse flight hardware with qualification testing underway and more than 60 Miranda engine hot fire tests performed to date. 'Firefly is incredibly grateful for Northrop Grumman's investment that further solidifies our first-of-its-kind partnership to build the first stage of Antares 330 and jointly develop Eclipse,' said Jason Kim, CEO of Firefly Aerospace. 'Eclipse represents two powerful forces coming together to transform the launch market with decades of flight heritage, a rapid, iterative approach, and bold innovation. With a 16 metric ton to orbit capability, Eclipse is a sweet spot for programs like NSSL Lane 1 and a natural fit to launch proliferated constellations in LEO, MEO, GEO, and TLI.' Built upon Northrop Grumman's Antares and Firefly's Alpha rocket, Eclipse offers a significant leap in power, performance, production cadence, and payload capacity. The launch vehicle retains the flight-proven avionics from the Antares program with additional upgrades, including a larger 5.4 meter payload fairing. Eclipse also utilizes the same first stage Firefly is developing for Antares 330 and retains scaled-up versions of Alpha's propulsion systems and carbon composite structures, allowing the team to rapidly build and test Eclipse with significant production efficiencies and economies of scale. Firefly utilized the same patented tap-off cycle architecture from Alpha's Reaver and Lightning engines for Eclipse's Miranda and Vira engines, and completed mission duty cycle with a 206 second Miranda hot fire, matching the longest time the engine will burn during a flight. Following several development test campaigns, flight hardware has been manufactured for the common dome propellant tanks, engine bay and interstage. 'Eclipse gives customers the right balance between payload capacity and affordability,' said Wendy Williams, vice president and general manager, launch and missile defense systems, Northrop Grumman. 'Our partnership with Firefly builds on our capacity to provide crucial spaced-based communication, observation, and exploration for civil and national security customers.' Filling a void in an underserved market, Eclipse is equipped to deliver 16,300 kg of cargo to low Earth orbit or 3,200 kg of cargo to geosynchronous transfer orbit. Eclipse will first launch from Wallops Island, Virginia, as early as 2026 and is able to support space station resupply, commercial spacecraft, critical national security missions and scientific payloads for the domestic and international markets. About Firefly AerospaceFirefly Aerospace is an end-to-end responsive space company with launch, lunar, and on-orbit services. Headquartered in central Texas, Firefly is a portfolio company of AE Industrial Partners ('AEI') focused on delivering rapid, reliable, and affordable space access for government and commercial customers. Firefly's small- to medium-lift launch vehicles, lunar landers, and orbital vehicles provide the space industry with a single source for missions from low Earth orbit to the surface of the Moon and beyond. For more information, visit About Northrop GrummanNorthrop Grumman is a leading global aerospace and defense technology company. Our pioneering solutions equip our customers with the capabilities they need to connect and protect the world, and push the boundaries of human exploration across the universe. Driven by a shared purpose to solve our customers' toughest problems, our employees define possible every day. Media Contacts Firefly Aerospacepress@ Northrop Image GalleryEclipse | Flickr A photo accompanying this announcement is available at A video accompanying this announcement is available at
Broadcast Pro
25-05-2025
- Science
- Broadcast Pro
Firefly Aerospace adds UAEs Rashid 2 Rover to Blue Ghost mission
The Rashid 2 Rover will join Blue Ghost Mission 2, in 2026, which will be Firefly Aerospaces second lunar mission, alongside payloads from Australia, the European Space Agency and NASA. Firefly Aerospace has announced a new agreement with the United Arab Emirates' Mohammed Bin Rashid Space Centre (MBRSC) to deliver the Emirates Lunar Missions Rashid 2 Rover to the far side of the Moon on Fireflys Blue Ghost lander. The Rashid 2 Rover will join Fireflys second lunar mission in 2026 in addition to payloads from Australia, the European Space Agency, and NASA as part of the Commercial Lunar Payload Services (CLPS) initiative. Jason Kim, CEO of Firefly Aerospace, said: 'On the heels of Fireflys flawless Moon landing and operations, our team is looking forward to collaborating with the UAE and further expanding our representation of Artemis Accords nations on this groundbreaking mission to the far side of the Moon. Were honoured to support the international space community with our versatile Blue Ghost lander and Elytra spacecraft that can stack together to provide unique access to both lunar orbit and the lunar surface.' The Rashid 2 Rover will demonstrate lunar surface mobility on the far side of the Moon and utilise various materials on its wheels to evaluate their durability when exposed to lunar dust. The data collected will help guide the development of future lunar technologies, such as spacesuits, habitats, and other critical infrastructure. Utilising multiple cameras and probes, the rover will also study the Moons plasma, geology, and thermal conditions in support of future in-situ resource utilisation. H.E. Salem Humaid AlMarri, Director General of MBRSC, added: 'The strategic agreement signed with Firefly Aerospace marks a significant advancement in the UAEs growing role in shaping the future of lunar exploration. Through the Emirates Lunar Missions Rashid 2 Rover, the UAE will become one of the few nations to explore the far side of the Moon. The mission will deliver valuable scientific data on the lunar surface, plasma environment, and dust behaviorcontributing to global knowledge and supporting future lunar infrastructure development. As we prepare for this historic milestone, we remain dedicated to expanding the UAEs contributions to humanitys long-term presence in space.' During Blue Ghost Mission 2 operations, Fireflys Elytra vehicle will first deploy the Blue Ghost lander and the European Space Agencys Lunar Pathfinder satellite in lunar orbit. Blue Ghost will then touch down on the far side of the Moon to deliver the UAEs Rashid 2 Rover, Australias Fleet Space SPIDER payload, and NASAs LuSEE-Night radio telescope and User Terminal. Elytra will remain in lunar orbit to provide long-haul communications and enable radio frequency calibration services for LuSEE-Night. The payloads flying on this international mission will advance the growing lunar ecosystem by searching for lunar resources, enhancing surface mobility on the Moon, improving lunar communications, and uncovering new insights about the origins of the universe. Firefly has already begun qualifying and assembling flight hardware for Blue Ghost Mission 2, which will follow Fireflys first lunar mission that completed the first fully successful commercial Moon landing on March 2 and completed 14 days of surface operations on March 16, marking the longer commercial operations on the Moon to date.
