The UK Space Agency is set to invest £374m per year with the European Space Agency.
Base in Swindon, the organisation will contribute to international space programmes over the next five years.
The new investment means the UK will be part of projects such as building the Lunar Gateway (a space station orbiting the moon), returning the first samples from Mars and an early warning system for solar storms.
The ESA was created in 1975 with the UK being one of the founding members. The membership allows collaboration between space agencies across the world on projects such as the International Space Station and the ExoMars programme.
Following the investment, the ESA confirmed that all astronauts from the class of 2009, including Tim Peake, will return to the International Space Station before 2024.
The UK also committed an over £200m investment in earth observation including a mission to help tackle climate change.
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