Canso Spaceport Snags $10.5 Million Investment From Toronto Firm
CANSO—The company that wants to launch satellites into space from Canso, Nova Scotia has pulled in some big financial backing.
Maritime Launch Services (MLS) announced May 12 it has closed a financing deal with PowerOne Capital Markets. The deal will see the Toronto investment bank put $10.5 million into the project.
Maritime Launch Services says the money will help it launch its first rocket in 2022.
That initial launch will be what MLS calls a “small-class launcher.” Once it’s complete, the company plans to “mature” its launch site as it prepares for what will be its main launch vehicle: medium-class, Cyclone 4M rockets.
The company says it plans to begin construction of its Canso Spaceport this fall and begin launching Cyclone 4M rockets by 2023. Eventually, the company hopes to launch eight-to-ten rockets a year.
If that happens, the commercial spaceport will be the first of its kind in Canada.
In a May 12 news release, Maritime Launch Service president and CEO Steve Matier said he is “thrilled” with the funding announcement.
“We are grateful for the dedication and support of many, beginning with the people of Canso,” he said. “We are looking forward to starting construction, ramping up operations and finalizing our launch vehicle offerings.”
Maritime Launch Services was formed in 2016 and hopes to operate the first commercial spaceport in Canada.
The company plans to use its Canso Spaceport to help research and communications organizations launch satellites into Low Earth Orbit.
The company has touted Canso for its “strategic” location, which it says provides “optimal polar and sun-synchronous launch trajectories.”
“Today, there are very few launch locations globally that serve the commercial market, and even fewer that serve a wide range of launch trajectories to polar and sun-synchronous orbits,” the company’s website says.
The company had initially planned for its first launch to happen in 2019 but has pushed that date several times. Twenty-nineteen was the same year the company cleared an environmental assessment from the provincial government.
The provinces said it believed Maritime Launch could mitigate the environmental effects of its operations if it took specific measures.