VALLETTA, July 10 (Xinhua) -- "Newpace" company Orbital Access will soon open their headquarters in Malta, hoping to pioneer the industry in the country, local paper The Malta Independent reported on Monday.
"NewSpace" refers to the new space market, a change from the old concept of space, which included launched vertical rockets, to a private space flight industry.
Satellites into space are launched on standard airplanes, which will detach from the plane at a certain height and continue into space.
The 400-billion-euro (455.5 billion U.S. dollars) industry is one in which Malta is currently not involved.
Company director Edmund Arcadian said the plan was also to encourage other companies within the sector to establish businesses in Malta, not only because of the financial services Malta offers, but also the country's prime location for launching satellites.
He explained that the demand for satellite technology was "growing exponentially" as global positioning systems (GPS), mobile data and weather reports, amongst others, rely on this technology.
