The company says it takes merely three days to print the components of the Rutherford engine out of titanium and other alloys, using an advanced form of 3D printing called "electron beam melting." (If those components are manufactured via traditional means, it will take up to a month instead.) That means Rocket Labs', well, rockets can be manufactured faster and will cost clients less money per launch. In fact, the startup believes it will cost only around $4.9 million to send the 65 feet x 3 feet system to space, carrying a payload that weighs up to 220 pounds. It plans to start ferrying satellites and other payloads out there in 2016.

Update: As many of you pointed out, the Rutherford-Electron rocket doesn't use electric propulsion and still uses liquid fuel like typical rockets. We apologize for the confusion. [Thanks, Nik and RiotingSpectre]