18 Nov 2014

New UK space sector opportunities unveiled

Summary: The UK Space Agency has created a new £32m fund to help companies across the UK collaborate with overseas firms and research institutions on space and satellite contracts.

The funding will be awarded to UK companies to work with international partners in developing satellite technology. The grants will also have relevance in civil sectors including flooding prevention and tracking, deforestation and humanitarian crises in emerging economies.

It is thought that the funding will allow UK companies to increase exports overseas, thereby growing the economy, boosting the UK space sector and creating jobs.

The UK space sector continues to thrive, growing at over 7% per year and is currently worth £11.3 billion to the UK economy. With more than 5000 jobs created in the last two years, it employs more than 34,000 people and supports a further 72,000 jobs in other sectors.

Universities, Science and Cities Minister Greg Clark said of the funding:

“UK space companies are an engine for growth for the UK economy and this programme will support our ambitious target of achieving 10% of the global space sector by 2030.

“This programme will help our international partners to take advantage of British expertise in satellite technology, services and scientific research. Today’s funding will give even more UK companies the chance to work on these kinds of exciting projects so that more people can enjoy the considerable economic and social benefits that new space technologies provide.”

Information on how to bid for funding can be found via the GOV.UK site here