Province invests $4M in St. Lawrence spaceport development

The Newfoundland and Labrador government is investing $4 million to support the continued development of the Atlantic Spaceport Complex in St. Lawrence.

The project, led by NordSpace, is expected to create high-skilled jobs, attract private-sector investment and expand economic opportunities in the province.

The $10-million project includes $5 million from NordSpace and a $1-million contribution from the federal government through the Atlantic Canada Opportunities Agency.

The provincial investment consists of a $1-million term loan and a $3-million forgivable loan tied to the creation of 100 new full-time permanent positions by 2033.

The Atlantic Spaceport Complex is expected to host Canadian-built commercial space-launch vehicles and support the country's growing commercial space sector.

The province says the project could also create opportunities for local businesses and suppliers while strengthening economic activity in the St. Lawrence region.

Government officials say Newfoundland and Labrador's geographic location, industrial base and technology sector give the province an advantage as Canada works to strengthen its aerospace, defence and space capabilities.

The province says the spaceport will help diversify the economy by expanding its presence in a high-value industry with potential for growth in global markets.