July 23, 2024

The Queens County Citizen

Complete Canadian News World

Quebec CAQ has invested more than $6.6M in a co-founder’s satellite company

Quebec CAQ has invested more than $6.6M in a co-founder's satellite company

The Legault government will return more than $6.6M to Northstar Seal & Terre, bringing the amounts Quebec injected into the Montreal space company since 2018 to more than $31.6M.

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In a press release published Wednesday, Stewart Bain, co-founder and CEO of Northstar, emphasized the “unwavering support” of the Quebec government and other investors in the company.

In total, Northstar is raising $20 million in this new round of financing. Other investors include businessman Charles Sirois, co-founder of the Coalition Avenir Quebec (CAQ), the Rogers family of Toronto and the Luxembourg government.

Charles Sirois in 2017

Archive photo, Jean-Francois Desgagnes

Public funding is plentiful

Quebec has already invested $13M in Northstar in 2018 and $12M in 2021. For its part, Ottawa invested $13M in the company in 2018.

With the newly raised funds, the company hopes to launch four satellites, which will have a mission to monitor the approximately 11,000 satellites in space and 128 million pieces of orbital debris.

Northstar suffered a setback earlier this year when Virgin Orbit, a company founded by British billionaire Richard Branson, filed for bankruptcy. The Quebec company is counting on Virgin to launch its first satellites.

Northstar is now banking on American company Rocket Lab to put its satellites into orbit, which will be built and operated by another American company, Spire Global.

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Northstar must establish a data processing center in Montreal that will process and provide accurate information on the location of satellites and orbital debris.

The company has 70 employees, including 50 in Canada.

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