Mainebiz

V O L . X X I X N O. X X V I I I D E C E M B E R 1 1 , 2 0 2 3 22 M A N U FAC T U R I N G F O C U S plasma cutting, oxy cutting, milling and drilling machine, made by Kinetic, a New Zealand manufacturer with an office in the U.S., will handle up to 8-inch-thick plate and will be able to do bevels. American Steel has about 190 employees across its divisions; half are in Maine. "We started at 120 employees when I joined the company 11 years ago," said Blatchford. e building' tenants in Saco have a leaseback on 14,000 square feet of the building until the end of January. American Steel began upgrades in the rest of the building in early November, including cleaning, fresh paint, HVAC installations and some grading. e property purchase and upgrades were cash-financed. e company expects to be opera- tional in Saco by the end of January. Aerospace startup aims to start manufacturing at Loring in late 2024 B Y R E N E E C O R D E S HyperSpace Propulsion Inc., a Portland- based aerospace startup that's setting out to revolutionize global air travel, aims to get off the ground starting next year at the former Loring Air Force Base in northern Limestone. e company, led by Richard H. Lugg, recently signed a letter of intent for a contract with Green 4 Maine LLC, a development company at Loring, to establish a manufacturing, operations and space flight center at the Loring Arch Hangar by late 2024. Lugg, who resides in Cape Elizabeth, said his company aims to create more than $1 billion in revenue through 2025 and more than 400 jobs. Workers will build hypersonic aircraft branded as SpaceStar that will be capable of flying anywhere in the world in under two hours. "We are the first and only space- plane company program on the planet with single-stage-to-orbit propulsion and spacecraft design, engineering and planned manufacturing capabili- ties to get there," notes Lugg, who projects that his company will bring the cost of space transport down from $2,500 per pound to $250 per pound. "It will create a whole new space industry and remove the bottleneck of space access that exists today." Lugg, a 35-year aerospace and defense industry veteran, notes that while Elon Musk's SpaceX rocketry firm flies once every six to eight weeks, HyperSpace Propulsion plans to fly from Loring to orbit up to six times daily. "We will create the vision and pathway to build the multi-trillion- dollar space economy using space- planes, not rockets, to get there," Lugg says, estimating the global spaceplane market to reach around $1.4 trillion in the next eight to 10 years and $3.5 trillion by 2040. As HyperSpace Propulsion gears up for Loring, the company is actively rais- ing capital, with $1 million raised so far and $847 million in expected grant fund- ing from NASA. e company antici- pates investing $5 million to $7 million into renovating the Arch Hangar, which was built during the Cold War era and has sat vacant for decades. As for the long-term plan to create 400-plus jobs in northern Maine, Lugg said his goal is to reach the first 100 hires by late 2025 or early 2026. VOLK PAXIT Leading the Way in Contract Packaging RE-PACK | FULFILLMENT | ASSEMBLY | 3PL SOLUTIONS DONE PACK SHIP ASSEMBLE FULFILL Volk Paxit - your business solution for Ecommerce, 3PL, and labor needs. Scan the QR code to learn more about how Volk Paxit can help your business. www.volkpaxit.com » C O N T I N U E D F RO M P R E V I O U S PA G E LEAVING ON A SPACEPLANE: HyperSpace Propulsion Inc. aims to revolutionize global air travel with hypersonic aircraft to be built at the former Loring Air Force Base in Limestone. We will create the vision and pathway to build the multi-trillion-dollar space economy using spaceplanes, not rockets, to get there. — Richard H. Lugg HyperSpace Propulsion Inc. P ROV I D E D R E N D E R I N G / H Y P E R S PA C E P RO P U L S I O N I N C .

• Cover