The head of Virgin Orbit has told ITV West Country that Newquay Airport could be sending satellites into space by the end of next year.
On his first visit to Cornwall, CEO Dan Hart revealed more about the company's ambitious plans to build a fully-functioning commercial spaceport, generating millions for the local economy and inspiring a new generation to explore space.
Last week Virgin Orbit successfully tested a rocket carrying a satellite into space from a modified aircraft over the Mojave desert.
Mr Hart told us this is a major step forward for what could be the UK's first commercial spaceport.
The investment is expected to create up to 150 new jobs and give small satellites the ability to launch directly from Newquay within the next few years.
This new technology would enable the UK to compete for a share of the global market for launching small satellites - worth a potential £3.9 billion over the next ten years.
The funding would be made up of £12 million from Cornwall Council, and up to £7.85 million from the UK Space Agency. This would also include a contribution of £0.5 million from the Cornwall and Isles of Scilly Local Enterprise Partnership.