Funding, Commercial Aspects and The Future
Canadian Arrow started as a team competing in the international X-Prize competition, with the ultimate goal of continuing past the X-Prize into the commercial sector providing private access to space. Funding during the X-Prize was provided by sponsorship and private investment. In early 2003 the company would receive a major infusion of financial support by Canadian Arrow partner and Director of Spacecraft Development - Lou van Amelsvoort. As a result, during the next two years The Company would also proceed to open the world’s first private Astronaut training facility, continue vehicle development, and test propulsion and recovery systems.
Geoff Sheerin, President and CEO of Canadian Arrow, and Dr. Chirinjeev Kathuria announced on May 17, 2005, the creation of PlanetSpace Corporation. It is through this enterprise that Canadian Arrow will complete the construction of their space craft, and within 24 months offer suborbital space flight to aspiring space tourists. Planetspace expects to fly about 2,000 new astronauts within five years of operation. The price is expected to be $250,000 for each flight, including fourteen days of training. Cape Breton Island, in Nova Scotia is being considered as a launch site, and a contract has been signed with the government of Nova Scotia to provide 120 acres (0.49 km2) of land for the project.
A requirement of the X-Prize for each participating company was to propose other possible markets for their spacecraft. Canadian Arrow coined the term "Spacediving", while investigating the possible use of Canadian Arrow spacecraft for a high altitude version of skydiving.
On November 11, 2005 Canadian Arrow teamed up with former X-Prize competitor Romanian aerospace company, ARCASPACE, to develop privately built spacecraft.
On December 15, 2005 PlanetSpace Corporation unveiled plans for an orbital commercial vehicle capable of carrying eight passengers. This vehicle to be called the Silver Dart is based on the U.S. Air Force's Flight Dynamics Laboratory-7 lifting body program from the 1970s.
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