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AE INDUSTRIAL PARTNERS TO ACQUIRE STAKE IN FIREFLY FROM NOOSPHERE

by Jeff Foust — February 24, 2022
Firefly Aerospace halted preparations at Vandenberg Space Force Base in December
while Noosphere Ventures worked to sell its stake in the company, but continued
testing of the two stages of the second Alpha launch vehicle in Texas. Credit:
Firefly Aerospace

WASHINGTON — AE Industrial Partners is buying the part of Firefly Aerospace
currently owned by Noosphere Venture Partners, which previously announced it was
being forced by the federal government to sell its stake in the launch vehicle
developer.

The companies announced Feb. 24 that AE Industrial Partners (AEI) was taking a
“significant stake” in Firefly by purchasing it from Noosphere. The companies
did not disclose the value of the deal or other terms.

Noosphere, a fund run by Ukrainian-born investor Max Polyakov, announced Dec. 29
it had retained an investment bank to sell its stake in Firefly at the request
of the Committee on Foreign Investment in the United States (CFIUS), which
reviews foreign investment in American companies.

The sale to AEI appears to contradict a Facebook post by Polyakov Feb. 16 where
he claimed he was selling his stake in Firefly to co-founder Tom Markusic for
one dollar. “I am giving up for 1 usd consideration all my 58% stake in Firefly
to my co-founder and partner Tom,” he wrote. “Dear CFIUS, Air Force and 23
agencies of USA who betrayed me and judge me in all your actions for past 15
months. I hope now you are happy.” Firefly did not respond to a request for
comment at the time about the post.

AEI has invested in several space companies. It created Redwire Space in 2020
through acquisitions of Adcole Maryland Aerospace, Deep Space Systems and Made
In Space. Redwire has since acquired several other companies and went public
through a SPAC merger in September 2021.

Beyond its role establishing Redwire, AEI invested in several other companies in
the industry. It participated in a concurrent funding round called a PIPE for
small launch vehicle company Virgin Orbit as part of a SPAC merger announced in
August and in another PIPE as part of Terran Orbital’s SPAC merger announced in
October. It also participated in Sierra Space’s $1.4 billion Series A funding
round led by General Atlantic, Coatue and Moore Strategic Ventures in November.

In the statement, AEI noted its portfolio companies have done extensive work in
the national security space sector. “AEI believes that leveraging this
experience will be a critical advantage as Firefly looks to secure additional
U.S. federal government contracts,” it stated.

The companies did not disclose when they expect the deal to close, noting it was
subject to regulatory approvals. Firefly said in December, when Noosphere
announced the sale, that it was halting preparations at Vandenberg Space Force
Base for a second launch of its Alpha small launch vehicle. The inaugural Alpha
launch failed to reach orbit in September when one of the rocket’s four
first-stage engines shut down shortly after liftoff.

Firefly, though, has continued work at its Texas headquarters and test site. The
company announced Feb. 17 that it had completed acceptance testing for the upper
stage of the second Alpha rocket after previously completing testing of the
first stage. “Now we’re really working to get back to Vandenberg and fly again,”
Markusic said in a video update.

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