London, 15 May 2006

There are many commercial opportunities in space today was the message at the first ever space finance conference today.

UK space experts and city financiers met today to discuss how investing in space can bring large returns and improve society at the same time.

Science and Innovation Minister Lord Sainsbury, speaking at the event, said: "There are many commercial opportunities in space today, and the market is growing very fast. We need to ensure that UK industry captures a significant share of this new market, and that it has the funds to do so."

UK industry reinforced its leading position when media company Avanti Screenmedia and satellite manufacturer EADS Astrium signed a European Space Agency (ESA) contract at today's Case for Space Finance conference.

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The contract to implement the HYLAS project is set to bridge the digital divide, bringing affordable broadband internet to rural areas across the UK and Europe via satellite.

HYLAS is funded through the ESA Advanced Research in Telecommunications Systems (ARTES) 3 programme. The Department of Trade and Industry, through the British National Space Centre, provided £23 million of funding to ARTES 3 in 2005.

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Notes to editors

1. The British National Space Centre (BNSC) coordinates UK civil space policy. A partnership of 11 Government departments and research councils, BNSC represents the UK internationally and at the European Space Agency.

2. The Case for Space Finance conference was co-sponsored by BNSC and Avanti Screenmedia. Speakers included:
- Science Minister Lord Sainsbury
- Giuseppe Viriglio (Director of EU and Industry Programmes, European Space Agency)
- Colin Paynter (Managing Director, Astrium UK)
- Andrew Sukawaty (CEO, Inmarsat)
- Sir Martin Sweeting (CEO, Surrey Satellite Technology)
- Mike Dillon (CEO, Esys)
- Peter Nesgos (Partner, Global Project Finance Millbank Tweed)
- Judith MacKenzie (Investment Manager, Aberdeen Asset Managers)
- Les Copeland (Editorial Director, Growth Company Investor)

3. The HYLAS satellite is due for launch in late 2008 and has an expected lifetime of 15 years. It will provide an equivalent of 40 x 33 Mhz transponders of capacity over Europe. EADS Astrium is contracted to build the satellite, Avanti Screenmedia will operate it after launch.

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