Posted By Global Banking and Finance Review
Posted on January 29, 2025
LONDON (Reuters) - Britain on Wednesday announced a 20 million pound ($24.84 million) investment in space company Orbex to help build an orbital rocket, used to put satellites into orbit, and launch it later this year from a site in northern Scotland.
The rocket, Prime, is set to take off from SaxaVord Spaceport in the Shetland Islands in late 2025. That would make it the first ever British-built and British-launched orbital rocket, the government said.
Britain has long sought to establish launch capabilities for its space sector, which employs about 52,000 people and manufactures more satellites than any location outside the United States.
Technology secretary Peter Kyle said the Orbex launch would "turbocharge" Britain's position in the industry, making it a leading destination for small satellite launches in Europe. Orbex has previously raised funding from private investors.
The government said that capturing just 2% of the European demand for satellites, which it said was forecast to be worth $50 billion up to 2033, could bring around $1 billion in revenues for the British economy.
Earlier this month, the government gave German firm Rocket Factory Augsburg the go-ahead to launch satellites into orbit from the same site in Scotland.
Britain's space industry ambitions faced a major setback in January 2023 when a horizontal rocket launch from Newquay, located in south-west England, failed.
($1 = 0.8052 pounds)
(Reporting by Sam Tabahriti; editing by William James)
