Maritime Launch Services just got a financial boost in the Atlantic Canada commercial space race.
The Halifax-based aerospace company has secured a $10-million senior credit facility from Export Development Canada (EDC) to continue development on a spaceport in Nova Scotia. EDC, a federal Crown corporation, provides financial support to Canadian export-focused businesses.
Maritime Launch became the first space-related corporate listing on the NEO Exchange in 2022
The credit agreement provides funding for Spaceport Nova Scotia’s next phase of construction, including launch pad and infrastructure development required to support future orbital missions. Spaceport Nova Scotia is being developed near Canso, NS, roughly 300 km east of Halifax, to provide satellite launch services for Canadian and global clients.
“EDC’s support helps us advance the buildout of Spaceport Nova Scotia as we prepare for orbital launch operations,” Maritime Launch president and CEO Stephen Matier said in a statement. “Together, we’re demonstrating that Canada can achieve sovereign launch capability, an essential milestone in building a competitive and resilient space ecosystem in Canada.”
In August, Maritime Launch Services reached an agreement with Longueuil, Que.-based rocket company Reaction Dynamics to conduct its own launch attempt from Spaceport Nova Scotia by the third quarter of 2028. As part of the deal, Reaction Dynamics made an approximately $1-million equity investment in Maritime Launch. Maritime Launch said the deal paves the way for the first-ever orbital launch of a Canadian-designed and built rocket from Canadian soil.
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Founded in 2016, the publicly traded Maritime Launch became the first space-related corporate listing on the NEO Exchange in 2022. While Maritime Launch has claimed Spaceport Nova Scotia will be the first commercial orbital launch complex in Canada, the project has faced delays and is not without competition.
Markham, Ont.-based NordSpace broke ground in August on the site that it said will facilitate Canada’s first commercial space launch in Newfoundland. The Atlantic Spaceport Complex (ASX) is located just outside of the small town of St. Lawrence, NL, which is on the province’s southeastern coast and approximately 350 km away from St. John’s.
While construction on the ASX is underway, Nordspace attempted to complete Canada’s first commercial space launch on the site using temporary mobile infrastructure shipped in from Ontario, but faced multiple delays, including an erroneous trigger of its rocket’s ignition safety system and fuel issues.
Artists’ rendering of Spaceport Nova Scotia courtesy of Maritime Launch Services.