"We have made no secret of our ambition to be the first company to launch from UK soil so it's really exciting to agree to this multi-launch deal with SaxaVord [Shetland Space Centre]", Volodymyr Levykin, Skyrora's founder and CEO, was quoted as saying.
The deal envisages up to 16 space launches per year from Unst, Britain's most northerly island, over the next decade.
He also noted that Britain is a global leader when it comes to space technology and that this launch will be an important step to "offering a significant space service from our own soil".
Frank Strang from Saxavord Spaceport described it as an "exciting development".