British startups will receive $79 million for the development of space projects

0
173

The British Space Agency announced a $79 million contribution to early-stage space technology projects.

Officials are distributing the funding through the new National Space Innovation Program (NSIP). The new wave of investment will prioritize high-risk, high-return UK programs, with funding distributed between established projects and start-ups. The first tranche will be $41.5 million, the remaining funds will be provided in installments over the next four years.

space projects
space projects

NSIP’s primary goal is to support the development and scaling of commercial products, bringing space technologies to market, and creating domestic jobs.

British startups will receive $79 million for the development of space projects

“Investing in these projects not only strengthens the UK’s position in the international space community but also provides opportunities for business development and job creation, helping to accelerate the growth of the space sector,” said Science, Innovation and Technology Minister George Freeman.

The NSIP program has already committed $30.5 million since its launch in 2020. Previous recipients include SatVu, which launched its first satellite in June; startup Space Forge; Northumbria University Newcastle, whose plant creates miniature laser terminals for inter-satellite communications.

Of the total global space investment since 2015, British space companies have received 17%, making the country the second largest investment in space after the United States. There are more than 1,500 space businesses in the UK. Space products and services account for 18% of UK GDP.

Also Read:   Elon Musk said that SpaceX is quite capable of ensuring the landing of astronauts on the moon in 2024