Billionaire’s firm now owns more than half of Shetland Space Centre
Danish billionaire Anders Povlsen has increased his stake in Shetland Space Centre via his company, Wild Ventures Ltd, which now owns more than half of its shares.
New filings with Companies House also show that Lise Kaae, the chief executive of Mr Povlsen’s investment firm, Heartland, has been appointed as a director at the spaceport.
Mr Povlsen, who is reported to be Scotland’s largest landowner, has been involved in the spaceport since 2020 when Wild Ventures Ltd invested £1.5m.
The Aviemore-based company took “significant control” in 2021 when it bought up more than 25 per cent of shares in the company, which is the official name of SaxaVord Spaceport.
The latest filing shows it has increased its shareholdings to between 50 and 75 per cent.
Mr Povlsen, founder of the Asos clothing chain, used another of his companies, Wildland Ltd, to oppose rival launch plans at Sutherland Spaceport.
Although the Scottish Court of Session in rejected his legal argument against the spaceport on environmental grounds - the project has recently been paused due to Orbex switching its launch plans to SaxaVord.
Orbex had been progressing plans for the spaceport but is now focussing on developing its rockets, which it hopes to launch from Unst later this year.
Shetland Space Centre had 147 shareholders when it last filed a confirmation statement in January 2024.
These included directors Frank Strang, who is chief executive, Scott Hammond, who is deputy chief executive and Bill Gibb, who was director of facilities.
However, Mr Gibb has now been retired as a director, according to the last documents filed with Companies House.
SaxaVord Spaceport was approached by The Shetland Times but said it did not comment on internal business matters.
In their latest financial statement, however, the directors identified a need for additional funding over the coming 12 months – and said they were in “advanced negotiations” with debt funders to secure most of what was required.
The company said it also planned to go to market this year to raise the remaining capital, which would be sufficient for it to continue to build its infrastructure.
The report showed the company recorded a pre-tax loss of £5.1m in 2023 – up from £3.6m the previous year.
Despite the growing losses, the business was able to make share-based payments totalling £2m, most of which went to the company’s six directors.
These are understood to be share options, rather than cash.
Addressing the Scottish affairs committee last month, Mr Hammond said he expected the business to become profitable within the next “couple of years”.
Although it has managed to generate some revenue, its business model is focussed on providing launch services - and therefore needs rockets to start taking off from Lamba Ness.
Rocket Factory Augsburg is expected to achieve the first ever vertical satellite launch from UK soil at the spaceport later this year.
Mr Hammond said “two or three”test flights would be carried out during the second half of 2025.
Its licence allows for up to 30 launches a year.
Wild Ventures Ltd has been approached for comment, via its sister company Wildland Ltd.
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