Maritime Launch Receives Conditional Term Sheet from Government of Canada for Contribution under the Strategic Innovation Fund

FOR IMMEDIATE RELEASE

(May 13, 2024) Halifax, Nova Scotia, Canada—Maritime Launch Services Inc. (Cboe CA: MAXQ, OTCQB: MAXQF) (the “Company” or “Maritime Launch”) has received a conditional term sheet for a $12.9 million contribution administered under the Strategic Innovation Fund (SIF). Funding would support Maritime Launch in the ongoing development of Spaceport Nova Scotia, as the company prepares for a first orbital launch from Nova Scotia, Canada, in 2025.

The term sheet provided by the Government of Canada is proposing $12.9 million in project cost reimbursements and would be conditionally repayable, to support Maritime Launch’s Spaceport Nova Scotia, which will develop and commercialize Canada’s first commercial orbital spaceport near Canso, Nova Scotia. The term sheet is non-binding, and the proposed contribution is subject to operational and financial conditions that have not yet been met, approvals, and execution of a Contribution Agreement. 

Managed by Innovation, Science and Economic Development Canada (ISED), the SIF plays a key role in providing support for innovative projects in Canada. The funding program provides transformative investments in all sectors of the economy to help Canada prosper in a global, knowledge-based economy.

Last year, Maritime Launch announced an investment of $13.1M from the Province of Nova Scotia under the Capital Investment Tax Credit (CITC program). Pending approval of the conditional SIF term sheet, total federal and provincial reimbursement funding would total $26.0 million.

Funding from the SIF would position Maritime Launch to complete the spaceport with a launch control center, a satellite integration facility, and a launch pad. Spaceport Nova Scotia will focus on supporting small class launch vehicles with total payloads not exceeding 1,250 kilograms initially, while growing the site to support medium class launchers.