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It is set to be a greener way to launch satellites.

Rocket Lab, a privately-held company financed by weapons maker Lockheed Martin and other high-tech investors has unveiled a battery powered rocket.

The low-cost Electron launch system for small satellites will be the first rocket powered by batteries when it blasts off later this year. 

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The company expects to start launching satellites for customers in 2016, and eventually aims to launch a satellite a week.

Chief Executive Peter Beck said the company founded in 2008 to help commercialize the space business, expected to carry out the first flight of its all-composite Electron launch vehicle and the new Rutherford engine before the end of the year.

Beck said the engine was also the first to use 3D printing for all primary components, including its engine chamber, injector, pumps and main propellant valves, all mostly made of titanium and other alloys.

The lightweight engine can be 'printed' in three days, compared to about a month if it were built using traditional manufacturing.

Rocket Lab, which is based in Los Angeles and has a launch site in New Zealand, says the two-stage Electron rocket will make it cheaper and quicker to launch small 100-kilogram payloads into low-earth orbit.

The Rutherford engine being tested

The company expects to start launching satellites for customers in 2016, and eventually aims to launch a satellite a week.

 It says its launch cost will be less than $5 million, half the price that Virgin Galactic is charging for rides on its air-launched satellite booster, LauncherOne.

Beck said the batteries on the new launcher would produce just shy of one megawatt of power, enough to power a whole city block. 

The engine's electric propulsion cycle uses electric motors and lithium polymer batteries to drive its turbopumps at extremely high speeds.

Rocket Lab aims to help companies that want to launch hundreds and thousands of small satellites into low-earth orbit to provide space-based access to the Internet, respond to natural disasters and improve crop yields.

Beck said the company had been working on the Rutherford engine for the past year and a half, racing to meet growing demand from companies ranging from Google Inc to small Silicon Valley startups.

'There's a lot of payload ready to go,' Beck said. 'The missing piece is a responsive and cost-effective launch capability.'

The company's investors include Khosla Ventures, K1W1 and Bessemer Venture Partners.

The company had been working on the Rutherford engine for the past year and a half.

How it compares: The firm says electric launches are cheaper than using conventional rockets