Maritime Launch Services (MLS) announced today it has signed an agreement with Impulso.Space USA Corp. who will provide integrated launch services for Spaceport Nova Scotia. The news comes as MLS recently outlined its Phase 1 and 2 Lease and Launch Revenue Model.
Impulso.Space has been providing payload integration services since 2019 and has provide services for the launch of 12 microsatellites either on a variety of rideshare and piggyback missions.
According to MLS, this agreement is an expansion of a previous agreement. MLS will “provide vehicle payload capacity on multiple rideshare and dedicated launch operator missions for up to five years of launches from Spaceport Nova Scotia, with payload integration services provided from Impulso.Space’s brand new logistics and ground operations facility located in Florida.”
Commenting on the agreement, Stephen Matier, President and CEO of Maritime Launch Services. said in a news release, “this important agreement with Impulso.Space, an industry-leading US space services company, demonstrates Spaceport Nova Scotia’s competitiveness as a launch facility serving today’s global space market. This agreement expands on our previous letter of intent to deploy satellites for small and medium class launchers using our facility. Together, Maritime Launch and Impulso can offer the high throughput launch tempo required in today’s market and add capacity to the launch industry, as well as supplement the other overtaxed sites in North America from our fully-licensed facility.”
Pietro Guerrieri, CEO of Impulso.Space added, “Spaceport Nova Scotia’s location on the east coast of Canada offers highly attractive launch capacity to expand the offer to launch operators in response to the fast growth of the space industry over this decade. This spaceport’s coveted LEO launch inclinations from 45 degrees to 98 degrees from a single location are outstanding in North America. We are looking forward to growing our relationship with Maritime Launch to offer easier and responsive access to space also from this commercial launch facility.”
Phase 1 & 2 Lease and Launch Revenue Model
In a recent live YouTube presentation for the Emerging Growth Conference, Matier provided a historical outline of the companies work to date and then discussed both their Phase 1 and 2 Lease and Launch Revenue Model.
Of interest was the fact that MLS is now targeting mid-year to sign its first “Lease and Launch Revenue” customer. The first customer is expected to come from one of the companies identified on a slide Matier showed. MLS is also targeting the signing of a second customer within the first two years.
Matier spoke to the following points for the Phase 1 Lease and Launch Revenue Model.
- Small-lift rocket companies lease access rights to Spaceport Nova Scotia to have staff and equipment onsite.
- Targeting lease revenue competitive with other international launch locations coupled with exceptional site and launch attributes.
- Allows tenant to spec their own pad on site and have access to additional spaceport services and infrastructure.
- Lease payments are pro rata for days/year that launch-related activities are underway on site.
- Launcher companies also pay for spaceport services for each launch event.
- Revenue model for Phase 1, at full launch tempo, shows an annual EBITDA near $35 million annually.
- Targeting two initial lease clients ramp up over first two years.
- First lease targeted by mid-2024. First launch planned for early 2025.
Matier then spoke to the following points for the Phase 2 Lease and Launch Revenue Model.
- Expand to 4 launch pads on site (2 medium-lift, 2 small-lift).
- Conservatively assuming medium-lift pad leases are priced the same as small-lift pads with one dedicated launch pad per client.
- We would also seek capex co-investment for Phase 2 expansion from medium-lift lease partners.
- Expecting medium-lift tenants to be operational on site for almost the entire year due to more complex pre-launch requirements for medium-lift launches.
- Medium-lift launches require larger and more sophisticated site infrastructure as well as extensive pre-launch and post-launch services.
- Expect services revenue increase per medium-lift launch.
- Goal of first medium-lift launch in 2026 or beyond.
- Identified project capex of C$80mm to upgrade spaceport from Phase 1 to Phase 2 capabilities, creating a truly unique Infrastructure business.
The company also announced on March 18, 2024 that its Annual General Meeting is set for May 23, 2024. In late February the company announced that it had entered a “non-exclusive engagement of Clarus Securities Inc. to provide capital markets and strategic advice related to the Corporation’s capital markets strategy and other growth initiatives.”
Clarus received 3,500,000 common shares at an issue price of $0.12 per share as a work fee. MLS said “additional fees would be paid on any equity or debt capital financing raised by Clarus.” MSL stock was trading at $0.14 per share today.