Maritime Launch Secures Conditional $12.9M Term Sheet from Canadian Government

Written by Copernical Team Tuesday, 14 May 2024 13:28

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Los Angeles CA (SPX) May 14, 2024

Maritime Launch Services Inc. has received a conditional term sheet for a $12.9 million contribution administered under the Strategic Innovation Fund (SIF). The funding will support Maritime Launch in developing Spaceport Nova Scotia, preparing for a first orbital launch from Nova Scotia, Canada, in 2025. The term sheet from the Government of Canada proposes $12.9 million in project cost r

Maritime Launch Secures Conditional $12.9M Term Sheet from Canadian Government
by Clarence Oxford
Los Angeles CA (SPX) May 14, 2024

Maritime Launch Services Inc. has received a conditional term sheet for a $12.9 million contribution administered under the Strategic Innovation Fund (SIF). The funding will support Maritime Launch in developing Spaceport Nova Scotia, preparing for a first orbital launch from Nova Scotia, Canada, in 2025.

The term sheet from the Government of Canada proposes $12.9 million in project cost reimbursements, conditionally repayable, to support Maritime Launch's Spaceport Nova Scotia. This project aims to develop and commercialize Canada's first commercial orbital spaceport near Canso, Nova Scotia. The term sheet is non-binding, and the proposed contribution is subject to operational and financial conditions, approvals, and execution of a Contribution Agreement.

Managed by Innovation, Science and Economic Development Canada (ISED), the SIF supports innovative projects in Canada. The funding program invests in all sectors of the economy to help Canada prosper in a global, knowledge-based economy.

Last year, Maritime Launch announced a $13.1 million investment from the Province of Nova Scotia under the Capital Investment Tax Credit (CITC program). Pending approval of the SIF term sheet, total federal and provincial reimbursement funding would total $26.0 million.

Funding from the SIF would allow Maritime Launch to complete the spaceport with a launch control center, a satellite integration facility, and a launch pad. Spaceport Nova Scotia will initially support small class launch vehicles with total payloads not exceeding 1,250 kilograms, with plans to grow the site to support medium class launchers.