The UK has announced liftoff for 10 projects which will use satellite data and services to support transport, logistics and financial services.
A total of £2.5million in funding has been disbursed as part of the UK Space Agency’s Unlocking Space for Business programme.
The trials will use terrestrial data and technologies including AI, quantum, machine learning and geospatial data in combination with satellite data and services.
One project from Sports City Management Company aims to improve visitor travel to the Etihad Campus, home to Manchester City’s Etihad Stadium and the new Co-op Live arena, by reducing congestion using an "AI-enabled travel demand solution". It will use satellite data from the European Space Agency’s Copernicus Open Access Hub and Sentinel satellites, to predict patterns in the travel of music and sports fans at major events.
Octopus Investments and Treeconomy, a company that uses AI and remote sensing to measure the impact of nature restoration schemes, will collaborate to use satellite Earth observation data sources including Landsat and Sentinel-2 to "support the monitoring and evaluation of nature projects and a suite of core environmental metrics to inform investment decisions."
Chris Byrant, DSIT Minister for Data Protection and Telecoms, said: “This government is embracing the power of technology to improve lives and support businesses to thrive. We have a fast-growing space sector in the UK but for too long we have struggled to tap the huge potential of satellite data to drive positive change in the real world. These new projects seek to unlock this potential by combining data from space with cutting-edge technologies here on Earth.”
A full list of the funded projects
Admiral Group Plc - Assessing subsidence-related insurance claims risk using satellite radar
Use SAR satellite data to form an assessment of subsidence claims risk, to better understand the subsidence risk of given areas of the country and offer more competitive pricing to customers.
Citigroup - Measuring Nature-Related Footprint: Corporate Impacts and Risks Quantified
In partnership with Earth Blox, develop a market-leading geospatial and satellite data tool that enables a systematic and facility level screening of corporate nature-related impact and dependency across multiple sectors and geographies.
Equitix Limited - Renewable energy resilience powered by satellite-derived climate models
In partnership with climate modelling experts Sust Global, research and develop AI powered, satellite-derived forward-looking climate models to understand how changing wind resources may impact wind asset operational and financial performance.
Foresight Group - Advancing Satellite-derived Insights for Nature and Climate Management and Disclosure
Development of Frontierra’s nature and climate reporting platform, assessing 600 assets to enhance their nature and climate related risk management and associated reporting to bolster decision making capabilities and improve ESG outcomes.
Level E Research Limited - AI Risk Index (AIRi)
Develop an AI Risk Index to assess the impact of potential environmental events on an investment, to enhance decision processes and increase overall operational efficiency.
Octopus Investments Ltd & Treeconomy Ltd - Earth Observation for Natural Capital Investments
Developing satellite-based tools to support data-driven investment decisions related to nature-based carbon projects, including afforestation. This aims to support more streamlined, confident and impactful allocation of private finance towards high-quality nature restoration efforts across carbon and natural capital markets.
Safe Earth Solutions Ltd - Accelerating adoption of nature-related financial derivatives using Earth Observation data
Financial services product development underpinned by their AI-powered Nature Valuation and Monitoring Platform to unlock new derivatives and investment into nature credits in pursuit of net zero and ESG goals.
Shipping Strategy Ltd - Risk Scoring for Maritime Hull and Machinery Insurance
Utilise Morphing’s AI’s software to identify short-term risk factors of maritime incidents, by combining satellite data from AAC Clyde Space with contextual commercial and ship technical data, and historical marine casualty data.
Sports City Management Company - EventGo 5.0: AI-enabled Earth Observation for Travel Demand Management
Use machine learning to analyse earth observation data and fan travel data, to enable Etihad Campus in Manchester to enhance visitor travel to reduce congestion and carbon emissions.
WieldMore Investment Management Limited - CERES – Comprehensive Environmental Risk Evaluation System
Integrate satellite data with financial models to assess the impact of climate and nature risks on manufacturing, energy and agriculture sectors.
Dr Craig Brown, Investment Director at the UK Space Agency, added: “These new grants and contracts are just some of the ways the UK Space Agency is kickstarting growth and creating high quality jobs to position the UK as a leading space economy.
“Unlocking Space for Business is set up to identify and help tackle barriers facing organisations that have not traditionally used satellite data or services, or considered how space can benefit their bottom line. From AI powered satellite-derived climate models to maritime incident avoidance and easier football fan travel, these projects will help accelerate innovation and investment, and showcase the untapped potential of space data to support a range of UK industries.”
The grants form part of a wider ‘Unlocking Space’ programme focused on "growing the UK sector by championing the benefits of space to stakeholder groups outside it, including investors, businesses and public bodies."
