ABL Space raises $170MM growth equity round led by T. Rowe Price funds

EL SEGUNDO, Calif., March 25, 2021 /PRNewswire/ -- ABL Space Systems has closed a Series B investment round of $170 million at a valuation of $1.3 billion. The round was led by funds and accounts advised by T. Rowe Price Associates, Inc. Participation in the round included existing ABL investors and new investments by Fidelity Management & Research LLC and an unnamed third global investment management firm.

The new capital follows a year of significant growth for ABL, the emerging space launch company based in El Segundo, California developing the 1,000-kilogram class RS1 launch vehicle and GS0 deployable launch system. ABL has secured and executed on contracts with ten distinct customers: five commercial customers, four U.S. department of defense customers, and one national space agency customer. A first launch of RS1 is planned later in 2021, after less than four years of rapid development. With GS0, RS1 can be transported in shipping containers and launched from any suitable location in the world.

"We're excited about our partnership with ABL Space Systems. We think the global space economy has significant long-term growth potential," said Jason Adams, portfolio manager of T. Rowe Price's Global Industrials Fund. "We think ABL has a management team, technology set and product strategy that should enable long-term competitive advantages."

About ABL Space Systems
ABL Space Systems was founded in 2017 to develop low-cost launch vehicles for the small satellite industry. ABL is headquartered in El Segundo, California. To learn more, visit ablspacesystems.com. 

About T. Rowe Price
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc., is a global investment management organization with $1.50 trillion in assets under management as of February 28, 2021. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com.

SOURCE ABL Space Systems Company