The U.K. government plans to allocate $67 million for a program that would support satellite launch services and low gravity spaceflights from U.K. spaceports.
The LaunchUK program is designed to help U.K. spaceports access the global market for small satellite launches and provide low gravity flights for science missions, the British government said Monday.
The investment is part of U.K.’s Industrial Strategy that seeks to boost the country’s economy and productivity.
Graham Turnock, chief executive of U.K.’s space agency, said that LaunchUK targets the establishment of a home-grown spaceflight market as well as access to new business opportunities.
The British space agency partners with industry to increase U.K.’s share of the global space market from 6.5 percent to 10 percent by 2030.
To reach the goal, companies should be given new commercial opportunities from U.K., access to in-demand orbits and regulatory support, the government noted.
U.K.’s civil aviation, transport and space agencies are working to implement a comprehensive regulatory environment for space launch activities.
LaunchUK has also kicked off a series of roadshows meant to discuss to the development of the space launch market; opportunities for new supply chains; and ways to deliver benefits across U.K.