The government has today unveiled plans to invest £4.3 million in the emerging space-based solar power sector.

Space-based solar power works by harnessing energy from the Sun using panels on satellites, which then safely transmit the collected energy back to Earth.

The new financial injection will enable universities and tech companies to push forward with innovative projects and drive progress in space-based solar power.

The funding recipients include renowned UK universities and technology firms – they will work on various aspects of the technology, such as developing lightweight solar panels for satellites that can withstand the harsh conditions of space and creating wireless systems to transmit the solar power collected in space back to Earth.

A study conducted in 2021 estimated that this technology could generate up to 10GW of electricity per year, fulfilling a quarter of the UK’s power needs by 2050.

Secretary of State for Energy Security and Net Zero Grant Shapps said: “I want the UK to boldly go where no country has gone before – boosting our energy security by getting our power directly from space.

“We’re taking a giant leap by backing the development of this exciting technology and putting the UK at the forefront of this rapidly emerging industry as it prepares for launch.

“By winning this new space race, we can transform the way we power our nation and provide cheaper, cleaner and more secure energy for generations to come.”