BUZZ-Rocket Lab jumps after US finalizes $23.9 mln subsidy to build compound chips

Reuters

Nov 25, 2024

** Shares of Rocket Lab RKLB.O jump 9.4% to $25.45 premarket

** U.S. Commerce Department finalizing ~$60 mln in subsidies for BAE Systems BAES.L to build chips used in jets and satellites, and for Rocket Lab to build compound semiconductors used in satellites and spacecraft

** RKLB to receive $23.9 mln for its unit, SolAero Technologies Corp from the department

** Funding aims to increase RKLB's solar cell production by 50% over three years, govt says

** RKLB is one of two U.S. firms specializing in the production of radiation resistant compound semiconductors called space-grade solar cells

** As of last close, stock up ~321% YTD vs ~27% rise in Nasdaq .IXIC

(Reporting by Ragini Mathur in Bengaluru)

((Ragini.Mathur@thomsonreuters.com;))

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