Space nation: UK seeks to make finance more accessible to space technology companies

The UK seeks to become a space nation, according to the government’s space strategy released today, as it seeks to make funding more accessible to space technology companies.

It marks what Prime Minister Boris Johnson has called the ‘start of the countdown’ as the country prepares to start sending its first launches into space from UK soil starting in 2022.

The UK is set to become the first launch state in Europe, jumping into a global industry which the Department for Business, Energy and Industrial Strategy (BEIS) projects to be worth around £ 490 billion of by 2030.

The country’s ambitions for the so-called new space, the growing commercialization of the space sector, will see it bolster its satellites, satellite communications, spacecraft, navigation systems and highly complex payload manufacturing.

The government has also announced that it will release its very first space defense portfolio, which will involve investing £ 5bn over the next decade in military satellite communications and an additional £ 1.4bn. in new technologies.

More accessible financing

Making private finance more accessible to space technology companies in order to promote innovation is a key objective.

The chairman of Seraphim, a London-listed space investment firm, Will Whitehorn told City AM: “We have had some great UK success stories, like Inmarsat, we now need to start doing it on a number of companies.

“This strategy will give the City’s investors the confidence to consider investments in the space.

“If we see the billions that have already been invested in space companies, then we should be encouraged. “

Global warming

Climate change has been a clear driver in the country’s ambitions for the new space.

Johnson added that the strategy is to “place the UK firmly at the forefront of the global space industry and harness space technology to solve problems and improve public services on Earth.”

Earth observation for climate modeling, navigation, and satellite broadband are what the government is currently focusing on for its orbital efforts.

Although it also hopes to carve out a niche in the top leadership positions in emerging markets such as in-orbit servicing, space travel and habitation, and active debris disposal.

Whitehorn suggested that highly polluting data farms, along with solar power, should be transferred from Earth to space.

“All of the most polluting industries can move outside of the earth’s atmosphere,” Whitehorn added.

“This is probably the most concerted government the government has ever had on the subject of the space industry and what needs to be done.

“Space is crucial for the future of this country and the future of humanity. It is the only way for us to survive on this planet.