Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsTransportationNewfoundland spaceport project takes another step towards its giant leap plansNordSpace is putting $5 million towards the next phase of its spaceport project, supported by $5 million from provincial and federal governmentsLast updated 5 hours ago NordSpace's Atlantic Spaceport Complex in St. Lawrence, NL is under construction, with a tender for roadwork leading to a second launch pad expected to be awarded in the summer of 2026. Photo by Handout/NordSpaceWork to develop the Atlantic Spaceport Complex in St. Lawrence, N.L., took another leap with $10 million in funding announced for the project on Thursday, Aug. 27, 2026.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe spaceport is being built by NordSpace Corp., a Markham, Ont.-based company that has already constructed one launch pad at its site on Newfoundland’s Burin Peninsula.The company is still awaiting a new launch window to attempt its first suborbital rocket flight from the site, but is also planning a second launch site from which it hopes to eventually send Canadian-built rockets and satellites into orbit.Thursday’s funding announcement at the spaceport site in St. Lawrence included $4 million from the Government of Newfoundland and Labrador and $1 million from the Atlantic Canada Opportunities Agency’s Regional Economic Growth through Innovation (REGI) program, together with $5 million of NordSpace’s own capital.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againThe provincial funding 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 latest funding injection builds on other capital privately raised by the company, in addition to $8.3 million previously committed to NordSpace under the Department of National Defence’s Innovation for Defence Excellence and Security (IDEaS) Launch the North challenge.Through the Launch the North challenge, NordSpace was selected as one of the Canadian companies advancing sovereign national space launch capability. Rahul Goel, founder and chief executive officer of NordSpace Corp., speaks during a funding announcement for the company’s Atlantic Spaceport Complex in St. Lawrence, NL on Thursday, Aug. 27. NordSpaceNordSpace founder and chief executive officer Rahul Goel also announced that the company is actively exploring scaled manufacturing operations in Newfoundland and Labrador, in addition to launch operations.Currently, the company has a manufacturing facility in Markham where it builds rockets, engines, satellites and mission-specific technology.In a release, NordSpace said additional investments and contracts specifically for the spaceport are to be announced over the coming months, as well as for the company’s broader space launch and space systems programs.Work continues to develop the suborbital launch site and NordSpace hopes to have the orbital launch site ready to support operations by 2028. That phase of the spaceport project received environmental assessment approvals in January 2026, enabling continued construction through the current build season, with new construction tenders issued earlier in August.NordSpace said the Atlantic Spaceport Complex is being designed around the vehicles it will fly, anchored by its Taiga, Tundra and Tempest light and medium lift vehicles.The company called it “Canada’s most capable commercial spaceport, offering the widest inclination ranges available in the country, the largest safety distances required for scalability to medium- and heavy-lift vehicles, and the highest approved launch cadence in Canada.”Goel said the latest investment in the Atlantic Spaceport Complex is a seminal moment for the nation and NordSpace is committed to becoming a sovereign company that supports Canadian sovereignty.“This is not just about building a spaceport; it is about building a future where a sovereign Canada leads in space exploration and innovation with critical national infrastructure committed to launching Canadian vehicles, from Canadian soil, carrying Canadian payloads,” he said.“NordSpace is building Newfoundland and Labrador into Canada’s gateway to space, launching satellites on Canada’s own terms to support farmers, predict wildfires, connect remote communities, and monitor wildlife across our great nation. This investment will catalyze new economic opportunities while bolstering our national defence, so we are grateful for this support from ACOA and the province of Newfoundland and Labrador.”The Atlantic Spaceport Complex is not the only spaceport being developed in Atlantic Canada. Spaceport Nova Scotia, which received $200 million in federal funding earlier in 2026, has already successfully conducted a test suborbital flight.With space projects advancing in both provinces, Atlantic Canada is increasingly becoming a destination for investment in Canada’s growing commercial space sector, stated a release from ACOA on Thursday’s announcement.These investments, the statement continued, are helping Canada build greater control over its access to space, attract private investment from around the world, create highly skilled jobs, and ensure Canadian businesses can compete in an industry expected to reach $2 trillion by 2040.“Countries around the world are moving quickly to build their own space capabilities, and Canada cannot afford to be left behind,” said federal Justice Minister Sean Fraser, who is also minister responsible for ACOA and who was in St. Lawrence for the funding announcement.“Space is becoming more important to our economy, our security and our sovereignty. By investing in NordSpace, we are helping build Canadian launch capacity, attract private investment to Newfoundland and Labrador and create highly-skilled jobs in a global industry expected to reach $2 trillion by 2040.”Newfoundland and Labrador’s Jobs, Growth and Rural Development Minister Lin Paddock was also in St. Lawrence to announced the funding and noted Newfoundland and Labrador is geographically positioned to play a strategic role in Canada’s defence industrial strategy, including the need for a sovereign space launch capability.“Through this investment, we are supporting a project that will create high-skilled jobs, attract private-sector investment and open new opportunities for businesses and suppliers throughout our province,” he said in the joint release with ACOA.“The Atlantic Spaceport Complex will help diversify our economy and strengthen the province’s presence in a rapidly growing global industry.” Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.