Saudi Arabia is backing a British firm developing a plan to beam unlimited solar power from space down to Earth.
Saudi Arabia officials met with UK Business Secretary Grant Shapps last week to discuss ambitious plans for collaboration in space and innovation, including the potential to invest in the development of space based solar power.
Now $500m Saudi megaproject has stepped forward to help fund the project being developed by the UK’s Space Solar Ltd.
Saudi backs solar power in space
According to a report by the Times newspaper, NEOM and the UK government have teamed up to invest $4.3m (£3.5m) to develop the project.
The initial funding is to further develop the science and feasibility of the project.
Any successful project would require an investment of tens of billions of dollars and not be completed before 2040 according to consultants Frazer-Nash.
The hi-tech futuristic plans are being developed by Space Solar and could see solar energy collected using a very large satellite in orbit above planet Earth.
From attached solar panels unlimited solar energy could be beamed back to the planet using advanced radio technology.
NEOM is exploring the possibility of using solar power from space to supply carbon free energy for its projects.
Its main advantages over wind and terrestrial solar energy are the ability to deliver clean energy, day and night, throughout the year, and through all weather conditions.
Interest in the technology has grown in recent years as costs fall rapidly.
Business Secretary Grant Shapps met with Abdullah Al-Swaha, the Saudi Arabian Chairman of the Saudi Space Commission and Minister of Communications and Information Technology, to discuss the potential agreement that could help unlock significant commercial opportunities for both Britain and Saudi Arabia.
A collaboration between UK company Space Solar Ltd, and NEOM could see each nation committing significant investment into developing space based solar power (SBSP) in the coming years.
Early UK investment could leverage significant private investment, and development of SBSP in the UK could provide substantial benefit to the domestic space and technology sectors, through the creation of valuable intellectual property, jobs and industrial contracts.
This collaboration on space follows extensive backing for the space sector from the Business Secretary.
UK Business Secretary Grant Shapps said: “The Kingdom of Saudi Arabia is on an ambitious journey to modernise its economy and society, which opens up a host of opportunities for burgeoning British businesses, exporting UK expertise that could transform global access to renewable energy, including space based solar power.
The UK and Saudi Arabia have a long-standing bilateral relationship based on trade, investment, defence, security and energy, and we intend to maintain our relationship with the country on the grounds of vital national security and economic interests.
Any future funding in collaboration with Saudi Arabia will be subject to value-for-money analysis and investment security scrutiny, said a UK Government statement.
Sam Adlen, co-CEO of Space Solar told the Times: “There’s a real partnership to be developed that can have a huge impact on the future of net zero [and] energy security and really help create an era-defining, new energy source.”
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