£1m to help space firms take off

Published on 27/12/2012 00:49

A £1 MILLION “launchpad” has been set up by the Westminster government to help the British space industry take off in the new year.

The funding is aimed at companies setting up at Harwell, Oxfordshire, where there is an expanding hub of space industry businesses.

A major European Space Agency centre was established at the Harwell science park in 2009. It now hosts the headquarters of the agency’s climate change operations.

The new investment is part of the Technology Strategy Board’s Launchpad initiative, which supports businesses and institutions working in the same location.

Britain’s satellite-based space industry is said to be thriving and is estimated to contribute more than £9 billion a year to the UK economy. The government’s stated goal is to build a £30bn space industry by 2030.