The Scottish group Orbital Access Ltd has submitted a bid to develop satellite-launch facilities at Prestwick and Newquay as part of a Government competition to have a space-port by 2020.

The firm, which was set up by the grandson of Prestwick airport’s founder, has applied to Malta Prospects Stock Exchange for a listing that would give it access to debt and equity funding to develop its Orbital 500R aircraft.

A spokesman said: “This will be an adapted wide-body aircraft, which will carry a small-payload rocket to be launched at altitude.”

Stuart McIntyre, Orbital’s founder, said the UK is “hitting a sweet spot” with its ambitions to create a satellite launch capability. “Demand is driving a ‘step change’ in launcher technology.

“None of the US horizontal take-off ports are active; they are all waiting for new technology. The next generation of technology will allow the UK to build a truly leading industry, rather than playing catch-up.”

Mr McIntyre said that a listing on Malta’s Prospects Stock Exchange — designed for companies wanting to raise risk capital of up to 5 million euros — will create a more-transparent and sustainable funding channel to accompany this
institutional financing, rather than relying on traditional venture capital or private equity channels.