A Space Coast-based aerospace company has secured a $17.5 million investment, the largest single infusion of capital for a local firm in 2024. The funding, announced Monday, comes from a consortium of private investors and government grants tied to advanced propulsion research. The company, which employs 120 people at its Titusville facility, plans to use the money to scale production of next-generation satellite components.
The investment follows a 2023 state initiative to boost aerospace manufacturing in Brevard County. Local officials called the deal a win for the region’s economy, which relies heavily on aerospace and defense contracts. The firm’s CEO, Maria Lopez, said the funding will allow the company to hire 40 new engineers over the next 18 months.
The company’s Titusville campus, located near the Kennedy Space Center, has been expanding since 2021. Last year, it completed a 50,000-square-foot addition to its testing facility. The new investment will also fund a pilot program for 3D-printed rocket nozzles, a technology the firm has been developing with NASA subcontracting partners.
Brevard County’s aerospace sector employs over 25,000 people, according to 2023 data from the Brevard Economic Development Corporation. The latest investment is expected to add $12 million annually to the local economy through wages and supplier contracts. The company did not disclose its name in the initial announcement, but officials said it is one of the region’s longest-standing firms, founded in 1998.
The funding includes $5 million in federal grants for research into sustainable aerospace materials. The company’s president, David Chen, said the grants will support a partnership with Florida Institute of Technology to test new composite alloys. The project is expected to begin in early 2025.