Funding package will allow SaxaVord to complete spaceport development
SAXAVORD Spaceport in Unst says it has finalised a £60 million funding deal which will put the space centre on a “secure financial footing” ahead of its first launches.
The Unst spaceport has secured a match funding commitment of £30 million from its long-standing investor Wild Ventures.
That comes on the back of a £30 million investment from the UK Government in September, which was announced as part of the UK’s updated space strategy.
SaxaVord Spaceport said then that the public funding would form part of a £60 million public-private deal, which was confirmed today (Thursday).
It said the backing would ensure the Unst space centre could complete infrastructure work at the UK’s only licensed vertical launch spaceport.
The funding programme will support the completion of SaxaVord’s three launch pads, mission management infrastructure and second integration hangar.
SaxaVord has regulatory approval for up to 30 launches a year and is being developed to accommodate multiple launch providers.
A first launch at the site, from German rocket firm RFA, was due to take place in August or September but was postponed.
Another German company, HyImpulse, recently reiterated its desire to launch from SaxaVord next year after receiving support from commercial investors.
A launch from SaxaVord would be the first of its kind in the UK.
Wild Ventures, the investment arm of Heartland, has supported SaxaVord’s development over several years, with Danish billionaire Anders Holch Povlsen involved.
SaxaVord said that Wild Ventures’ commitment has been structured so that other investors can take up part of it, joining the UK Government and Wild Ventures on the shareholder register.
For investors, that means a minority position in the spaceport, backed by Government as a co-investor and a committed long-term shareholder.
SaxaVord chief executive Scott Hammond said: “This crucial anchor investment by the UK Government, together with the increased commitment from Wild Ventures, gives us the financial security to complete the development of SaxaVord and establish a sustainable commercial spaceport.
Help keep Shetland’s news open to everyone
Good local journalism takes time, care and people on the ground. Membership helps us keep reporting the stories that matter to Shetland — and keep them free for everyone to read. Members get a weekly newsletter created especially for them, local ads only, and can bookmark stories and join the conversation in the comments.
Already a member? Sign in.
“It is an enormous vote of confidence in what we have achieved and in the future of the UK space industry.
“We have built the country’s first licensed vertical launch spaceport, and now we have the backing to turn that achievement into a successful long-term business.
“We are immensely grateful to Wild Ventures for the faith they have shown in SaxaVord over many years, and to the UK Government for recognising the strategic importance of establishing assured access to space from British soil.
“We have always said that we are building SaxaVord for the thousandth launch as much as the first. Our ambition is to provide a safe, secure and trusted home for launch companies for decades to come.”
Lise Kaae, chief executive of Heartland, Wild Ventures’ parent company, said: “We are very pleased to welcome UK Government as an investor and partner in SaxaVord.
Their commitment is a strong endorsement of the ambitions for the company, the spaceport in Shetland and the potential we have believed in for many years.
“As long-standing supporters and partners, we are proud of the development so far and look forward to continuing the journey alongside the UK Government.”
Space minister Baroness Lloyd said: “By backing SaxaVord, we’re taking a major step towards the first vertical launch from UK soil and strengthening the satellite services that people and businesses rely on every day.
“This deal is an early example of our new space strategy in action – backing the infrastructure, skills and technologies that will secure the UK’s place as a leading space nation and open up new opportunities for investment and growth.”
News also emerged earlier this month that the UK and German governments had identified SaxaVord Spaceport as a potential hub for Europe’s access to space.
In a joint statement released following a meeting between prime minister Andy Burnham and German chancellor Friedrich Merz, the countries agreed to deepen their strategic co-operation in space across their civil, commercial, security and defence interests.
Keep Shetland’s news open to everyone
Your membership helps us report the stories that matter to Shetland — and keep them free for everyone to read.
Already a member? Sign in.
