Economic Development Canada has provided Maritime Launch with a senior $10-million credit facility for its Spaceport Nova Scotia project.

The investment is designed to accelerate the development of the satellite launch pad near Canso, N.S. and its first orbital launch. The agreement between between EDC and Maritime Launch provide development funding for the project’s next phase of construction, including launch pad and infrastructure.

“This commitment by EDC marks another major step forward for Maritime Launch and Canada’s growing commercial space sector,” said Stephen Matier, president and CEO of Maritime Launch. “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 facility is designed to serve Canadian and international clients. The deal calls for Maritime Launch to receive an additional advance of $5 million and the remaining balance through drawdowns tied to ongoing development and construction costs.

“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,” said Maninder Sidhu, minister of international trade.

“These efforts ensure that Canadians and Canadian businesses can thrive and lead in the global space economy.”

According to Maritime Launch, the urgency to develop a sovereign launch capability has become more urgent due to today’s unpredictable geopolitical conditions. The company says that Spaceport Nova Scotia’s location provides a competitive advantage.

EDC is a federal financial corporation that helps Canadian companies develop products and services at home and abroad catering to international trade.

Pictured: Future satellite launch pad near in Canso, N.S.

Rendering: Maritime Launch Services