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Space Solar, a leading company in space-based solar power, has partnered with Transition Labs to provide Reykjavik Energy with electricity from the world's first space-based solar power plant. This plant, expected to be operational by 2030, will have an initial capacity of 30 MW.
Space Solar's new solar power system will orbit the Earth, capturing solar energy and transmitting it wirelessl by Sophie Jenkins
London, UK (SPX) Oct 22, 2024
Space Solar, a leading company in space-based solar power, has partnered with Transition Labs to provide Reykjavik Energy with electricity from the world's first space-based solar power plant. This plant, expected to be operational by 2030, will have an initial capacity of 30 MW.
Space Solar's new solar power system will orbit the Earth, capturing solar energy and transmitting it wirelessly using high-frequency radio waves to stations on the ground. These stations will convert the energy into electricity and feed it directly into the grid, delivering renewable energy 24/7, regardless of weather conditions, with costs comparable to other renewable sources.
The venture marks a major step in the renewable energy sector. Unlike ground-based solar plants, which rely on sunlight and weather, Space Solar's technology ensures consistent power generation. Their first plant will generate 30 MW within five years, and by 2036, each plant could provide GigaWatts of power, helping to meet growing global energy demands and contribute to a carbon-free future.
Transition Labs, a private climate initiative based in Iceland, has supported Space Solar in making this vision a reality. Reykjavik Energy, known for its leadership in climate action through its subsidiary Carbfix, is a key partner in the project. Together, they are addressing the engineering challenges of space-based solar energy and exploring locations for ground-based reception stations, including Iceland, Canada, and northern Japan.
Kjartan Orn Olafsson, CEO of Transition Labs, highlighted the partnership, stating: "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."
The independent analysis by Imperial College London indicates that adding 8 GW of space-based solar energy to the UK's energy system could save over GBP 4 billion in system costs annually.
Martin Soltau, co-CEO of Space Solar, expressed excitement about the project: "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 agreement with Reykjavik Energy is a significant step in commercializing space-based solar power, positioning Space Solar at the forefront of a new renewable energy revolution with global implications.
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