It said most rocket launches hosted a primary customer payload, but a rideshare launch consisted of many customer payloads such as cubesats, microsats and other small spacecraft.

Founder and chief executive Adam Gilmour said Caravan-1 would provide affordable access to new space customers who wanted to launch into a mid-inclination orbit at the end of 2024.

The venture-capital-backed company is developing Australian rockets that will deliver a variety of spacecraft into low-earth orbit and is expecting to launch its first Eris vehicle from the Bowen Orbital Spaceport early next year.

“Caravan-1 will launch in 2024 on our upgraded Eris Block 2 rocket , which will have a lift capacity of one tonne to LEO — a significant upgrade in launch capability and capacity for our customers,” Gilmour said.

“The next few years are going to be a very exciting time for the global space industry, and missions like this will allow us to support the growth of new satellite and in-orbit technologies that could benefit humanity on Earth, in space, and beyond.”

Caravan-1 customers will also have the option of using a standard 15-inch adaptor port, and/or leveraging on Gilmour Space’s modular satellite platform, called the G-Sat, for individual payloads.