New Zealand space launch has nation reaching for the stars

Founded by New Zealander Peter Beck, the company was last week given official approval to conduct three test launches from a remote peninsula in the South Pacific nation.

Rocket Lab sees an emerging market in delivering lots of small devices, some not much bigger than a smartphone, into low Earth orbit.

Rocket Lab, which is privately held, has received about $150 million in venture capital funding, including an undisclosed amount from Bessemer Venture Partners in Silicon Valley.

Eric Stallmer, president of the Washington, D.C.-based Commercial Spaceflight Federation, said a couple of other companies are also trying to fill the niche that Rocket Lab is aiming for but there is plenty of potential for growth.

Beck said the benefits of its launch site at Mahia Peninsula on the North Island include its location on a sliver of land that's almost surrounded by water and clear skies that are free from much air traffic.

Bevan Cutler, who moved to the area a couple of months ago and bought the Mahia Beach Store, said it's a beautiful place with lots of holiday homes.

Some folk are upset the launches could result in the temporary closure of roads and fishing grounds, he said.