The U.K. space industry received European Space Agency contracts valued at $103 million above London’s ESA contribution in the fourth quarter of 2024, a record-high return on investment among the agency’s member states.
Peter Kyle, secretary of state for science, innovation and technology, said the contract awards resulted from government and industry collaboration, delivering “more bang for our buck.” The achievement also clearly demonstrated to the global private sector that “when it comes to space, science and tech, the (United Kingdom) is a launchpad for innovation and investment,” he added.
Plan for Change Driver
“We are on a mission to deliver sustained economic growth, and it is fantastic to see such a vital industry helping us propel our Plan for Change, ultimately raising living standards for everyone,” the science secretary said Tuesday.
According to the U.K. government, the last quarterly results bring the total value of the sector’s contract awards to $1.1 billion since June 2022. It projects the fourth quarter contracts to generate $1.3 billion in economic benefits to the country and support 3,800 high-skill jobs. The U.K. space industry’s workforce currently stands at 52,000 employees, generating an annual income of $24.4 billion.
Cubesat Builder’s Contribution
In Q4 2024, small satellite manufacturer Open Cosmos, one of the companies that secured an ESA contract, was tasked to provide three cubesats for the the space agency’s NanoMagSat mission. According to SpaceNews, the contract is worth $36.5 million to develop the cubesats for studying Earth’s magnetic field and ionosphere.