May 19, 2024

The Queens County Citizen

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Another boost from Quebec for CAQ co-founders

Another boost from Quebec for CAQ co-founders

The Legault government has reinvested an undisclosed amount in Northstar Seal et Terre, whose major shareholder is Charles Sirois, co-founder of the Coalition Avenir Quebec (CAQ).

Mathieu Saint-Amand, a spokesman for the finance minister, could not say yesterday how much of this new investment came from Quebec.

Northstar Funding

The government assistance is part of the $48 million in financing Northstar announced yesterday.

The round was led by New York-based firm Cartesian Capital. Other Northstar shareholders were also involved: the Sirois family, the Rogers family of Toronto and the Luxembourg government.

38 million dollars from governments already

So far, taxpayers have invested at least $38 million in Northstar: $26 million in 2018 (the amount is split equally between Quebec and Ottawa) and $12 million in 2021 (Quebec).

Northstar is billed as the first commercial company to monitor all near-Earth orbits. It aims to turn Montreal into a “space control tower” with data that will allow satellite operators to better manage their flights and avoid collisions.

If all goes to plan, Northstar’s first three UK-built satellites will be launched this year by Virgin Orbit, founded by British entrepreneur Richard Branson.

Last month, Northstar and competitors won contracts from the US Commerce Department for a pilot space traffic coordination project.

Northstar employs about 50 people at its offices in Montreal, Luxembourg and Virginia.

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