UK to invest nearly $25M to help orbital rocket launch

LONDON

The British government on Wednesday announced a £20 million ($24.8 million) investment to help fund the development of the first orbital rocket manufactured and launched in the UK.

The rocket, Prime, is set to blast off in late 2025 from SaxaVord Spaceport in the Shetland Islands, one of Europe's two licensed vertical launch spaceports.

The government said in a statement that Orbex’s rocket Prime will be the first orbital rocket manufactured and launched in the UK, which will boost the country’s launching power and "make Britain a European space leader."

Technology Secretary Peter Kyle said the investment in Orbex’s launch will also "turbocharge" the country’s position in the space sector.

According to the statement, Prime will benefit from the UK’s latitude, with Scotland’s geographical positioning providing easy access to valuable polar orbits.

UK Space Agency CEO Paul Bate said space is a fast-growing global industry with significant opportunities for the UK.

"This first-of-a-kind investment by the UK government demonstrates its confidence in the UK’s space rocket manufacturing and launch sector," said Orbex CEO Phillip Chambers.