The Maine Space Corporation was created in Maine Statute 5 MRSA. c. 393 to develop the Maine Space Complex by leveraging the State's geographic, rocketry, manufacturing and higher education assets and capabilities to establish the State as a national and international industry destination and an authority in launching small launch vehicles and small satellites into polar orbit.​

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The Corporation is governed by a 17-member Board of Directors. Six members are ex officio representing the University of Maine System, the Maine Community College System, the Maine Department of Economic and Community Development, the Maine Technology Institute, the Midcoast Regional Redevelopment Authority, and the Loring Redevelopment Authority. Eleven members are nominated by the Governor and confirmed by the Maine Senate. These members represent the research, education, investment and business communities and Maine counties.

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A major responsibility of the Corporation is to establish and promote the three business units of the Maine Space Complex: the Maine Space Data and Advanced Analytics Center, the Maine New Space Innovation Hub, and Maine Launch Sites and Services.  The enabling legislation requires the Corporation to restrict the Maine Space Complex to commercial, research and educational uses, and to allocate the use of its staging and launch sites in a manner that prioritizes Maine-based businesses and businesses that minimize the environmental effects of their space vehicles and launches.

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The Maine Space Complex will contribute to the state’s Economic Development Strategy 2020-2029 TALENT and INNOVATION Goals by:

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• Retaining Maine’s students and Immigrants with STEM degrees.

• Attracting highly skilled workers and their families from out of state.

• Encouraging startups and spur development in all seven technology sectors.

• Developing globally based applications for research, commercial and consumer uses.

• Facilitating STEM learning opportunities for Maine high school and higher education students.

• Promoting economic aspirations for All Mainers.

• Advancing Maine to a new competitive level in a fast-growing Knowledge Economy.