ALBUQUERQUE, N.M., April 16, 2019 /PRNewswire/ -- SolAero Technologies Corp, a leading provider of satellite solar power and structural solutions, announced today that it has executed definitive financing agreements with a group of investors led by affiliates of The Carlyle Group, GSO Capital Partners LP, First Eagle Private Credit LLC and Ares Management Corporation, to position the company for future growth. Under the agreements, the investor group is providing additional funding to support SolAero's growth and, through ownership and/or control of the company or its affiliates, acquired a controlling equity stake in the company.
SolAero is a global provider of satellite solar power solutions and, through its sister company Alliance Spacesystems, is a provider of satellite structural solutions. Over their 20-year history, SolAero and Alliance have enabled more than 500 missions with cutting edge technology and a perfect on-orbit reliability record.
"We are excited to partner with SolAero and Alliance to provide them with capital and operational support to help execute on their strategic plan," said Michael Hart, Chief Executive Officer at TCG BDC, Inc., an affiliate of The Carlyle Group. "The company's management and employees have a history of providing technology and reliable products to the worldwide satellite industry. Now, with new funding, SolAero is in a stronger position to continue that legacy and enter a new era of growth under the ownership of this investor consortium."
"We look forward to partnering with this new ownership group as SolAero pursues the next stage of our growth," said Dr. Brad Clevenger, Chairman and CEO of SolAero Technologies Corp. "With the support of our new investors, which have a record of fostering growth in high-technology and defense industry companies, SolAero will continue to provide its customers with the reliable, high-performance products and best-in-class customer service that they have come to expect."
About SolAero Technologies Corp
SolAero Technologies Corp is a leading provider of solar cells and solar panels to satellite and spacecraft OEMs. SolAero is headquartered in Albuquerque, NM and employs approximately 250 people.