The Chronicle Herald (Provincial)
Capital raised to start Canso spaceport
Maritime Launch Services says it has raised the $10.5 million it needs to kick-start construction of its proposed Guysborough County spaceport.
Company president Steve Matier said Wednesday that the private capital will be combined with debt and money made available via launch contracts to create the $210 million project.
The anticipated project cost is approximately split evenly between building the actual facility outside Canso, support equipment and building the Cyclone 4M rockets in Ukraine.
Construction will begin, he said, once they meet the remaining requirements of the Department of Environment.
Those include a plan for responding to worst-case scenarios and a plan for the storage, handling and containment of hazardous materials, for its rocket wastes. They are also required to create a public complaints system and a rehabilitation plan for the site after the launch pad’s closure.
The company also needs to finalize a lease for the 15 hectares of Crown land it wants to build its facility on with the Department of Lands and Forestry.
“This is a significant milestone for us,” said Matier of the equity capital raised by Powerone Capital Markets Limited and Primary Capital Inc.
“It allows us to move forward to breaking ground.”
MLS anticipates launching a small rocket from another unnamed manufacturer next year.
Residents of Canso and Hazel Hill have heard these statements before.
The project has been repeatedly delayed.
Matier responded, saying COVID-19 set them back about 15 months and they have been accomplishing a lot of research, regulatory work and design since announcing the project in 2017.
“We have almost 10 signed letters of intent and MOUS for satellite launches,” said Matier.
“Those don’t turn into actual contracts until I can tell them when I’m launching.”
According to industry analyst publication Fortune Business Insights, there is a fast-growing market for the “medium to large” rocket sector.
The Cyclone 4M rockets to be used in Canso can carry 5,000 kilograms into low Earth orbit, or a lesser amount into a higher sunsynchronous orbit, making them of the medium class.
The launch of clusters of small communication satellites for things like internet and radio are driving the increased demand for rocket launches.
Fortune predicts the industry will grow from a value of US$16.7 billion in 2019 to more than US$26 billion in 2027.
“Our only really competition in this world is the Soyuz Russian rocket,” said Matier.
“We have a pretty good market share that is open to us.”