Decision | Consent Granted |
|---|---|
Decision Maker | Overseas Investment Office |
Decision Date | 29 June 2018 |
Investment | An overseas investment in sensitive land, being the Applicant's acquisition of:
|
Rental | Rent is payable for each leasehold interest and is subject to review from time to time |
Applicant | Rocket Lab Limited |
Lessors | Tawapata South Inc 2 New Zealand Individuals |
Background | The Applicant is an aerospace company that designs, manufactures, and launches orbital launch vehicles which carry payloads into orbits from New Zealand. Having been engaged in research, development, and commercial activities in New Zealand for some time, the Applicant is presently approaching the initial phase of commercial launches. The Applicant has been granted consent to acquire two long-term leasehold interests in sensitive land. One land parcel is on the Mahia Peninsula, where the Applicant operates its launch facility and associated infrastructure. The other land parcel is on the Chatham Islands. The Applicant uses that site for a tracking station that communicates with launch vehicles and satellites. This Investment is intended to allow the Applicant to continue its launch vehicle development programme, and to progress from testing to commercial phase of operations. The Applicant’s business activities have generated and, as a result of this Investment, are likely to result in benefits to New Zealand. The Applicant’s business employs a large proportion of highly-skilled and well-qualified engineers, technical staff, and business administrators. The Applicant has also been expanding rapidly and increasing the number of individuals that it employs. Being a high-technology area, the Applicant’s activities in the launch service industry is associated with introducing new technology and business skills into New Zealand and increasing demand in certain materials manufacturers and suppliers. The Applicant’s Investment is likely to continue to enhance New Zealand’s strategic and security interests, as New Zealand continues to develop relationships with relevant nations that participate in launch services and space-orientated industries. This Investment is likely to result in consequential benefits to New Zealand by attracting highly-skilled and educated individuals from internationally respected companies and jurisdictions and securing longer-term potential for increased demand for highly-skilled roles in the aeronautical engineering field. The Investment is also likely to have a high degree of New Zealand participation and oversight. |
More information | Campbell Stewart |