“An addition of 20 new jobs will be added locally, as well as investment by SpinLaunch of $7 million in construction capital and $1 million in local infrastructure development for the company,” the spaceport said in a press release.
SpinLaunch is developing a kinetic energy launch system that would spin in a circle at up to 5,000 miles per hour before it is released to fly to space. The system would not use any propellants.
Albuquerque Business First has some additional details on the Spaceport America deal.
The California company is leasing acreage from the commercial space hub near Truth or Consequences and will build a facility employing at least 20 people, according to spokeswoman Diane Murphy. It will include a launch site that Murphy said will serve as a testing grounds for its launching technology.
Spaceport CEO Dan Hicks said there was potential for a lease extension. SpinLaunch will invest $7 million in facility construction and $1 million in infrastructure development. The deal is important for the $220 million taxpayer-subsidized Spaceport, which has struggled in the past to secure tenants….
Murphy also said the company considered several locations for the test site, but that Spaceport provided the best mix of affordability and location. New Mexico’s renewable energy potential, universities and young labor pool were also considered assets.
SpinLaunch raised $40 million in venture funding last year. Most of the money came from Airbus Ventures, Alphabet Inc.’s GV (formerly Google Ventures), and Kleiner Perkins Caufield & Byers.