Spanish satellite startup Sateliot recently received a boost as the European Investment Bank (EIB) signed a €30 million loan whereby the EIB will co-finance the roll-out of Sateliot’s constellation of over 100 Low Earth Orbit (LEO) satellites.
Sateliot is in the process of rolling out a network of satellites that act like mobile telecom towers, providing 5G NB-IoT connectivity to over 8 million devices in rural, oceanic and remote areas – giving mobile operators the chance to expand coverage of their ground-based IoT networks to historically unserved areas.
This news follows Sateliot’s announcement in August of this year that it had launched an additional four satellites to ints constellation, a move that Jaume Sanpera, CEO and Co-Founder said “propelled” the company into a “new phase of development”.
The EIB-financed project will bolster the European Union’s space connectivity and offer low-cost, IoT-based asset monitoring services for use in sectors such as agriculture, livestock management, fisheries and other maritime activities, the management of protected areas, fire control and monitoring, and environmental applications among others.
“This loan shows the EIB’s commitment to innovation and development in the European space sector, thereby supporting the digital transition and contributing to the European Union’s strategic autonomy in areas of space and global connectivity in the context of the EIB Strategic European Security Initiative,” said Robert de Groot, Vice-President, EIB.
This agreement is anticipated to strengthen the European New Space ecosystem, speeding up a digital transition by connecting millions of previously disconnected devices in remote areas. It will also provide connectivity for security applications such as reconnaissance and surveillance, border protection and control, and security infrastructure monitoring.
“This EIB backing – together with the support that Sateliot has already received from major investor groups and other banks and institutions – gives a huge boost to our development. This capital will be used to move forward with the next stage of our constellation and comes in addition to the income we will begin to receive in 2025 when the four satellites we already have in orbit enter commercial service,” commented Jaume Sanpera.
The European Union already has historic flagship space programmes like Copernicus and Galileo that provide Europe with autonomous space capabilities. and it is also supporting the European New Space industry via various financing vehicles. The European Investment Fund (EIF) has launched several initiatives such as the InnovFin Space Equity Pilot and CASSINI to back venture capital funds investing in early-stage European space companies.
Furthermore, the EIB is currently ramping up its venture debt and scale-up financing support to highly innovative space companies. With support from the European Commission, the EIB also offers venture debt loans to advanced-stage space companies.
Outsode of financing, the EIB Group also works with the European Commission to provide advisory services (EIB Advisory) to New Space companies.
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