The Guardian writes that the technology would imply collecting solar power using satellite-mounted panels which will then transmit the harvested power towards specialized facilities back on Earth, boosting the UK's energy security.

Experts at Cambridge University are to be some of the researchers who could receive funding, due to their advancements in the development of lightweight panels that can withstand the solar radiation found in space. Scientists at Queen Mary University of London, on the other hand, are currently working on developing the technology which would allow us to transfer that power back on our planet.

Using a prototype spacecraft, researchers at the California Institute of Technology were able to recently transfer power from space back on Earth, showcasing that this achievement is actually possible. Thus, a building found in the campus in Pasadena received the space-generated electricity and used it to power its own utilities.

Due to the lack of atmosphere, scientists suggest that more power can be harnessed by solar panels in the outer space compared to here, on Earth, which means that using efficient transmitting technology, we could actually benefit from more electricity yields this way.

UK’s energy security secretary, Grant Shapps, said that "by winning this new space race, we can transform the way we power our nation and provide cheaper, cleaner and more secure energy for generations to come."