Today, Maritime Launch Services Inc. (Cboe CA: MAXQ, OTCQB: MAXQF) announces that the Company has received approval from the Province of Nova Scotia for the development of a satellite processing facility, as an eligible project for reimbursement under the Capital Investment Tax Credit (CITC) Program.
The Nova Scotia CITC is an annualized reimbursement program designed by the Government of Nova Scotia to drive economic growth and incentivize development within Nova Scotia. The program provides significant financial advantages to eligible corporations that invest in infrastructure and capital equipment for approved projects located in Nova Scotia.
Maritime Launch has received approval for an initial qualification of up to $7.5M in reimbursements under the CITC for the satellite processing facility project. Reimbursement is eligible to begin at the start of the construction of the satellite processing facility, planned for late 2024 and follows approval of a separate application in September 2023 for a project at Spaceport Nova Scotia.
"Our vision is to build a world-class Spaceport,” said Stephen Matier, President and CEO, Maritime Launch Services. "This approval, coupled with the approval we received last year, underscores our shared commitment with the Province of Nova Scotia to foster economic development in rural areas like Canso, Hazel Hill and Little Dover. Spaceport Nova Scotia will establish Canada as a competitive player in the global space market."
In 2023, Maritime Launch was approved for an initial qualification of $13.2M for the development of Spaceport Nova Scotia’s launch vehicle integration facility on site, bringing the total to $20.2 million in qualified projects under the provincial program. These developments will drive Spaceport Nova Scotia’s competitive position allowing its launch clients to serve their satellite customers by offering on-site, state of the art, satellite testing and checkout capabilities.
The new satellite processing facility, which will be located adjacent to Spaceport Nova Scotia, will offer launch service support including logistics excellence, frequency assignment assistance, integration expertise, and rigorous testing and verification procedures. These services will streamline satellite operations, enhance mission efficiency, and provide world-class launch service support to the satellite clients as they prepare to launch from Spaceport Nova Scotia.
“The establishment of this facility is expected to generate substantial economic benefits for the region, including the creation of high-paying technical jobs and the development of a robust local supply chain,” added Matier. “Additionally, it will foster a dynamic ecosystem of innovation and entrepreneurship, attracting international investment and stimulating economic growth in rural Nova Scotia.”
Maritime Launch Services is committed to delivering excellence and enabling the success of its clients in the commercial space sector. This new approval is another significant milestone for Maritime Launch and signifies Nova Scotia's continued role as a key player in the growth of Canada’s space economy.