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  3. |DEAL NOTE: Crowell Advises Firefly Aerospace in $75 Million Series B Financing Round and the Secondary Sale of Noosphere’s Firefly Equity to AE Industrial Partners

DEAL NOTE: Crowell Advises Firefly Aerospace in $75 Million Series B Financing Round and the Secondary Sale of Noosphere’s Firefly Equity to AE Industrial Partners

Firm News | 1 min read | 03.28.22

Los Angeles, CA –March 28, 2022: The closing of Crowell & Moring client Firefly Aerospace’s $75 million Series B preferred equity issuance and the secondary sale of Noosphere Venture Partners’ equity in Firefly to AE Industrial Partners LLP (AEI) was announced. The transaction values Firefly above its May 2021 Series A valuation of more than $1 billion. These two transactions constitute a change of control of the company, as well as providing Firefly with the resources to deliver new innovations in space launch vehicles.

Firefly, based in Cedar Park, TX, is committed to providing economical and convenient access to space for small-to-medium payloads through the design, manufacturing, and operation of reliable spacecraft and launch vehicles.

AEI, a U.S.-based private equity firm, specializes in aerospace, defense and government services, space, power and utility services, and specialty industrial markets. Its portfolio companies have a history of serving as strategic partners to the top national security agencies. This Series B investment will support Firefly’s next stage of growth by providing capital for future Alpha flights, the Blue Ghost Lunar Lander Program, and the development of additional launch and in-space solutions.

Crowell’s cross-practice deal team was led by corporate partner Renée Delphin-Rodriguez and includes partners Steven Ryan and Jon O'Connell and associates Ryan Flynn and Justin Lurie.

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Firm News | 1 min read | 03.11.25

Crowell & Moring Represents Nuclear Energy Startup Atomic Alchemy in its Acquisition by Oklo

March 11, 2025: Oklo Inc. (NYSE: OKLO), an advanced nuclear technology company, announced on March 5, 2025 that it has closed the $25 million acquisition of Crowell client Atomic Alchemy Inc. (“Atomic Alchemy”), a leading innovator in radioisotope production. Oklo intends to use this strategic acquisition to establish a more reliable domestic supply chain for high-value radioisotopes critical to healthcare, research, and defense sectors and provides synergies to Oklo’s fuel recycling and nuclear energy businesses. Demand for radioisotopes is expected to increase significantly over the next decade, while global supply struggles to keep pace due to aging reactor infrastructure and a fragmented global supply chain, which at present is dominated by countries outside the United States. Atomic Alchemy intends to be a low-cost U.S. radioisotope producer that can provide a secure and domestic supply of radioisotopes to U.S. companies commercializing innovative radioisotope applications. With its proprietary VIPR® technology, Atomic Alchemy is building the first scalable production facility to provide a reliable, sustainable source of high-value radioisotopes. Using a vertically integrated model and fuel recycling, in partnership with Oklo, Atomic Alchemy is transforming isotope production to address global shortages, support critical applications, and strengthen national security. The core deal team included Samuel Holland Edwards, Jon O’Connell, Justin Lurie, and Ryan Flynn....

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