As Brunswick-based bluShift nears its crowd equity funding milestone of $500,000, development continues on the startup's bio-fueled engine. Options are cropping up for a remote coastal site that would accommodate launches over the ocean.
In keeping with its nature as an innovative company in the “New Space” industry, Brunswick manufacturer bluShift Aerospace is opting away from conventional venture capital and angel investment for its next round of capital.
Instead, the startup is turning to crowd equity funding, which takes crowdfunding to the next level by allowing small investors to take a small equity stake in the company.
BluShift set its first goal to raise $1.07 million this way. The company will use the funds to further develop rockets using its proprietary bio-derived rocket fuel and modular hybrid engine. Longer term, it hopes to raise $5 million and create 40 aerospace jobs in five years.
A bill that passed out of committee would move up an annual allocation of funds for the business and industrial park, which has been affected by the current economic downturn.
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bluShift’s Aerospace’s successful launch on Jan. 31 not only put the Loring Commerce Centre on the map as a viable spot for vertical and horizontal rocket launches, but likely helped with efforts to establish a statewide spaceport complex.