Oxfordshire firm poised to deliver electricity to Iceland from its first space-based plant
Harwell-based Space Solar has unveiled a ground-breaking agreement, which is set to lead to the first-ever space-based solar power plant delivering electricity to Iceland.
The Oxfordshire company is collaborating with Icelandic group Transition Labs on the deal to provide the utility Reykjavik Energy with electricity from the plant, which us set to be operational by 2030, and has an initial capacity of 30 MW.
READ MORE: PwC UK report says the UK leads the European race for Space Investment
As global energy demand rapidly increases, the new technology has the potential to help position the world for a carbon-free future.
Space Solar has developed a cutting-edge solar power system that will orbit Earth, harnessing solar energy and transmitting it wirelessly via safe high frequency radio waves to ground-based stations.
Martin Soltau, co-CEO of Space Solar, said: "Space-based solar power offers unparalleled benefits with competitive energy costs and 24/7 availability.
"Reykjavik Energy’s recognition of the potential for space-based solar to drive the energy transition is exciting, and we’re thrilled to be working together in partnership toward a sustainable future."
The deal signals a major breakthrough in space-based solar power's journey to commercialisation.
Kjartan Örn Ólafsson, CEO of Icelandic private climate initiative Transition Labs, added: "The collaboration with Reykjavik Energy marks a key milestone in Space Solar’s journey toward full-scale deployment.
"Their forward-thinking approach to climate technology, combined with expertise in carbon storage through Carbfix and a long-standing partnership with Climeworks, makes Reykjavik Energy the perfect partner for Space Solar’s initial phase."
Independent analysis by Imperial College in London has shown that including 8 GW of space-based solar energy in the UK’s energy mix could deliver over £4 billion in reduced system costs annually.
