Report highlights Astroscale’s pivitol role in UK space industry growth
An independent Economic Impact Report has highlighted the role Astroscale UK is playing in the economic growth, job creation and regional development of the UK space sector.…
An independent Economic Impact Report has highlighted the role Astroscale UK is playing in the economic growth, job creation and regional development of the UK space sector.
The report focuses on Astroscale’s end-of-life service ELSA-M, which will enable Low Earth Orbit constellation operators to act responsibly in space. The report reveals that the ELSA-M programme is projected to projected to contribute £2bn ($2.bn) in revenue for the UK space industry over the next 10 years; support over 12,000 high-skilled, high-paid jobs across the UK; locate 56% of expenditure outside the South-East and London, boosting investment opportunities across the whole of the UK; and deliver a £23 ($28) per £1 ($1.22) return on public investment.
Nick Shave, managing director of Astroscale UK, commented, “We are thrilled to share the results of this Economic Impact Report, which demonstrates Astroscale’s commitment to driving sustainable growth in the space industry and the UK economy.
“By leveraging our ELSA-M programme, we aim to foster innovation, create highly-skilled jobs, and ensure a prosperous future for the UK space ecosystem across the full breadth of the country. The report’s insights highlight a remarkable £23 per £1 return on public investment, reflecting our dedication to maximising value for the UK economy while bolstering UK manufacturing capabilities.
“Additionally, by supporting over 12,000 high-skilled, high-paid jobs across the UK, Astroscale is making significant strides in developing STEM skills, nurturing expertise for the rapidly growing space sector. Our mission is also focused on driving regional development with 56% of our expenditure located outside the South-East and London, paving the way for onshoring production and further supporting UK exports.
“Through our ELSA-M programme, which is projected to generate £2bn in sales for the UK space industry, we are actively attracting foreign direct investment and contributing to the UK’s position as a leading global player in the space economy. Astroscale is proud to play a key role in the UK’s journey to becoming a science superpower.”
ELSA-M is paving the way for Astroscale’s UK Active Debris Removal (ADR) mission, COSMIC (Cleaning Outer Space Mission through Innovative Capture). Targeting two defunct British satellites, COSMIC will build on the heritage of the ELSA-M programme and UK-focused supply chain, resulting in a further positive impact on the UK space economy and its world standing in the global space industry.
Subscribe to the FINN weekly newsletter
