Maritime Launch Services (MLS), who own and manage Spaceport Nova Scotia, announced that Export Development Canada (EDC) has provided a $10 million senior credit facility to help it move closer to becoming an operational orbital launch hub.
MLS was founded in 2017 and originally planned to work with Ukraine to bring a medium-launch vehicle to what would become Spaceport Nova Scotia. Russia’s invasion of Ukraine derailed that plan.
MLS found itself working on plan B, finding other foreign launch providers and seeing what, if any, domestic launch capability might emerge. At the same they helped in part the government to modernize space policy for domestic launch. They also had to build awareness of domestic launch with politicians of all stripes so they could understand the opportunity.
But the path forward has been in fits and spurts with MLS also opting to go public and now listed as a penny stock on the Cboe Exchange. Raising funds has not been easy and questions have been raised about its viability.
The news of the EDC credit was very welcome by the company and the stock price has increased ~55% since its announcement.
In the news release Stephen Matier, President and CEO, Maritime Launch Services said, “This commitment by EDC marks another major step forward for Maritime Launch and Canada’s growing commercial space sector. EDC’s support helps us advance the buildout of Spaceport Nova Scotia as we prepare for orbital launch operations. Together, we’re demonstrating that Canada can achieve sovereign launch capability, an essential milestone in building a competitive and resilient space ecosystem in Canada.”
The news release said that $5M of the funds would be available at closing and would be used for “launch pad and infrastructure development required to support future orbital missions.”
We asked MLS for more details and were told that “this funding will allow us to advance multi-use launch pad development and complete tenant-specific infrastructure needed to support future orbital missions.” As well, “construction is already underway and expanding, with active engineering and design work progressing on the Launch Control Center and the Assembly, Integration and Testing (AIT) facility.”
MLS also told us that “we are in active discussions with multiple 1-ton class launch vehicle providers and expect Spaceport Nova Scotia to be ready to support its first orbital launch by late 2026 or early 2027.”
Alison Nankivell, President and CEO, EDC said, “EDC is focused on deploying our capital to sectors and projects of strategic national importance to Canada, which is why we are proud to support Maritime Launch as it develops Canada’s first commercial spaceport, an important project that will advance Canada’s position in the global space economy. Our financing support for Spaceport Nova Scotia underscores our commitment to helping Canada’s economy become more resilient and competitive on the world stage and to fostering the growth of innovative Canadian companies. This critical infrastructure will help Canada achieve sovereign launch capability for satellites, which will support a range of needs such as defence and security, telecommunications, weather monitoring and more.”
Also providing a statement was The Honourable Maninder Sidhu, Minister of International Trade who said, “Canada’s leadership in space innovation is driven by strategic investments that strengthen our domestic capabilities and open new frontiers for growth. By advancing our space sector, we are building an ecosystem that supports good jobs, fosters technological excellence, and enhances our nation’s economic resilience and security. These efforts ensure that Canadians and Canadian businesses can thrive and lead in the global space economy.”
The balance of the EDC credit, $5M, will be “available through drawdown requests aligned with ongoing development and construction costs.”