Space Solar and Transition Labs to deliver space-based solar power to Iceland by 2030

Space Solar, global leader in space-based solar power, in collaboration with Transition Labs, have announced an agreement to provide Reykjavik Energy with electricity from the first-ever space-based solar power plant.

Space Solar’s first plant, set to be operational by 2030 with an initial capacity of 30 MW, marks a groundbreaking step in the global transition to sustainable energy, with this partnership poised to accelerate the shift toward Net Zero.

Space Solar has developed a cutting-edge solar power system that will orbit Earth, harnessing solar energy and transmitting it wirelessly via safe high frequency radio waves to ground-based stations. These stations will convert the energy into electricity and feed it directly into the power grid, providing clean, renewable energy 24/7, regardless of weather or cloud cover and with electricity costs similar to intermittent renewables.

With this commercial venture, Space Solar is revolutionising the renewable energy landscape. Unlike traditional solar power plants that depend on weather conditions and daylight, Space Solar’s technology offers consistent, dispatchable power around the clock. The first plant will deliver 30 MW of energy within five years, with plans to scale up to a large-scale system by 2036, where each plant in the future can supply GigaWatts to Earth. As global energy demand rapidly increases, this capable new power technology has the potential to help position the world for a carbon-free future.

Icelandic private climate initiative Transition Labs has been collaborating with Space Solar to make this vision a reality, supporting strategic planning, funding, and business development. Reykjavik Energy, known for its forward-thinking approach to climate action, most notably via their subsidiary Carbfix, is the ideal partner to bring this revolutionary technology to Iceland. Together, these organisations are tackling the engineering challenges of space-based solar energy and are currently identifying potential locations for ground-based reception stations. Iceland, Canada, and northern Japan are potential sites for additional receiving stations as the constellation of power stations develops.

“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,” Kjartan Örn Ólafsson, CEO of Transition Labs.

As the world grapples with the urgent need to achieve Net Zero, Space Solar’s scalable technology provides a crucial solution. The independent analysis by Imperial College London indicates that the inclusion of 8 GW of space-based solar energy in the UK’s energy mix could deliver over £4 billion in reduced system costs annually.

Martin Soltau, co-CEO of Space Solar: “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 first launch marks only the beginning, with Space Solar aiming to rapidly scale up production to meet global energy demands. Their pioneering power transmission technology, refined through £5 million in engineering research, provides a secure, scalable, and affordable solution for global baseload energy.

The agreement with Reykjavik Energy signals a major breakthrough in space-based solar power’s journey to commercialisation, positioning Space Solar at the forefront of a renewable energy revolution that could have far-reaching impacts across the globe.