The UK Space Agency is set to provide a new fund to support the development of innovative technology for the space sector.

The €200,000 grant will be provided by the UK as part of a collaboration under the European Space Agency’s (ESA) general support technology programme (GSTP).

The new funding is in addition to existing GSTP projects and activity in the UK. It will enable interested parties to propose a project for development directly to UK Space Agency and ESA.

Upon receiving the proposals, the agency will provide financing for some of the ideas immediately, and will keep others on hold to discuss their future development.

“We are working with industry to capture 10% of the global space market by 2030.”

Funding will primarily be provided to smaller ‘entry level’ projects, in both upstream and downstream, involving de-risking technologies.

UK Space Agency chief executive Dr Graham Turnock said: “The GSTP has proven to be a successful way of building know-how and capabilities in the industry and this latest funding will help keep the UK at the forefront of technological innovation.

“The government’s recently published industrial strategy set out a clear vision for the UK to become the world’s most innovative nation and we are working with industry to capture 10% of the global space market by 2030.”

The agency has so far invested €35m as part of the existing three-year phase of the GSTP that intends to convert promising engineering concepts into various products ranging from individual components to complete satellites and satellite applications.