The Scottish Space Network (SSN) has formed a strategic partnership with New York-based Sustainable Alpha to unlock investment for the Scottish, UK, and international space sectors.
The collaboration will focus on identifying the funding needs of the fast-growing industry and developing a comprehensive investment strategy. It will also look to secure opportunities for the global investment community to invest in early-stage and scaling space tech businesses.
The overall aim of the initiative is to ensure that Scotland reaches its potential to offer a full end-to-end service, unlocking alliances and new markets. The partnership will also provide business support for early-stage space startups, helping to establish companies that can deliver long-term growth, scale, and economic and societal impact, while adding training and skills development to bring more talent into the space industry.
The Scottish space sector is expected to grow substantially, with revenue projected to reach £4 billion within the next six years and the creation of over 12,000 new jobs by 2030, taking the national headcount to approximately 20,000.
Dr Andy Campbell, founder of the SSN, stated: “This partnership marks a significant milestone in our mission to position Scotland as a global leader in space innovation and funding.
“By combining our deep understanding of the local space ecosystem with Sustainable Alpha’s extensive investment network and expertise in venture capital, we are committed to securing investment solutions that will drive technological advancements and economic growth in the sector in Scotland and globally.”
Ross Hamilton, founder of Sustainable Alpha, said: “We are excited to collaborate with the Scottish Space Network to drive investment opportunities for the Scottish space sector.
“The global space supply chain is evolving and innovating quickly, so it’s imperative that we look across the UK, Europe and internationally to understand the best-in-class solutions and where Scottish companies can be world-class leaders in the global ecosystem.”
Recent activity within the Scottish tech sector indicates substantial growth in venture capital investment, underscoring the country’s attractiveness to investors. Scotland has also been recognised as one of the top locations worldwide for space industry investment due to comparatively low set-up costs, its skilled workforce, and world-class universities contributing to cutting-edge research and innovation.
Illustrating the range of recent investment being made in Scottish space tech startups and scaleups, in April 2024, UK rocket manufacturer Orbex, based in Forres, Moray, secured £16.7 million in Series C funding from six backers, including the Scottish National Investment Bank. Additionally, Edinburgh-based Aurora Avionics received over £320,000 in investment from Gabriel Investment Syndicate and Scottish Enterprise in May 2024.
Mr Hamilton added: “Published in 2021, The Scottish Government’s Global Capital Investment Plan, is already building connections with financial centres around the world, further solidifying Scotland’s position in the international space economy.”
Mr Campbell added: “The partnership is the first of several key collaborations that the Scottish Space Network will announce to drive support for the sector.
“We invite Scottish companies within or looking to enter the space sector to share their future investment requirements with us, enabling us to tailor our support and meet the sector’s needs effectively.”
Source: Scottish Financial News