The UK Space Agency (UKSA) will invest a further 65 million pounds ($79.1 million) of funding for innovations that could boost U.K. leadership in space technologies and applications. The latest investment was announced Sept. 28.

The first tranche of up to 34 million pounds ($41.4 million) funding is open to proposals that will drive innovation, accelerate the route to market, and catalyze investment into the U.K. space sector. The remaining funding will be split across further calls in 2024 and 2025 with projects running until March 2027.

The National Space Innovation Programme (NSIP) will support high-risk, high-reward projects designed by British organizations with the potential to accelerate the development of new space technologies, satellite applications, and services. The program provides an opportunity for the U.K. space sector to develop novel and valuable commercial innovations that could tackle challenges such as the use of satellite data to combat climate change or providing services to make in-orbit applications more sustainable.

“In today’s interconnected world, space technologies have become critical to almost every aspect of our daily lives. The National Space Innovation Programme will support the U.K.’s most ambitious space technology projects and their potential to address real-world challenges, to catalyze investment, deliver new missions and capabilities, and harness the power of space to improve lives,” Paul Bate, CEO of UKSA, said in a statement.