SaxaVord finalises £60 million funding deal for rocket launches
SaxaVord Spaceport has finalised a £60 million public-private funding deal that puts it on a secure financial footing as it prepares for regular commercial rocket launches.
The package brings together a £30 million investment by the UK Government and a matching funding commitment from long-standing investor Wild Ventures, while opening the door to potential new investors.
Together, this provides the backing to complete the UK’s only licensed vertical launch spaceport's infrastructure.
SaxaVord and the UK Government have signed the investment agreement announced in outline last month, marking a major milestone for the spaceport at Lamba Ness in Unst, Shetland.
The spaceport is now at the heart of the UK Government's space strategy and featured in talks between the UK Prime Minister and German Chancellor when they met in Berlin recently.
Wild Ventures, the investment arm of Heartland, has supported SaxaVord's development over several years, helping transform a former RAF radar station into a strategically important part of the UK's space infrastructure.
Wild Ventures’ commitment underwrites the programme in full, but it is 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 CEO 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.
"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, CEO of Heartland, Wild Ventures’ parent company: “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.”
The UK Government's Space Strategy, published last month, places SaxaVord at the centre of Britain's domestic launch capability, with the ambition of establishing it as Europe's leading site for polar and sun-synchronous missions.
SaxaVord is licensed to support up to 30 launches annually. Rocket Factory Augsburg (RFA) is working towards its first orbital test flight from the site, while HyImpulse is preparing for a sub-orbital launch campaign. Discussions are also continuing with further launch service providers.
The £60 million funding programme will support completion of SaxaVord's three launch pads, mission management infrastructure and second integration hangar, strengthening the UK's ability to provide assured access to space.
