Barcelona-based satellite operator Sateliot has secured a €30M loan from the European Investment Bank (EIB) to support the deployment of its satellite network.
This project aims to provide Internet of Things (IoT) connectivity to regions lacking coverage, utilising a constellation of over 100 Low Earth Orbit (LEO) satellites.
The EIB-funded project will also improve EU space connectivity and provide low-cost asset monitoring services for sectors including agriculture, livestock, fishing, maritime activities, protected area management, fire monitoring, and environmental applications, among others.
In a statement translated from Spanish, Jaume Sanpera, CEO and co-founder of Sateliot, says, “This EIB support, which adds to the support that Sateliot has already received from major investment groups, other banks and institutions, is a strong boost for our development.”
“This capital, with which we will face the next phase of our constellation, is added to the income that we will begin to have in 2025 when we begin to provide commercial service with the four satellites that we already have in orbit.”
Satellite operator to offer IoT connectivity
Sateliot is a satellite telecommunications operator that is deploying a network of low Earth orbit satellites to provide 5G-NB-IoT connectivity to over eight million devices in remote and oceanic areas.
This service will enable traditional mobile network operators to extend coverage to regions without terrestrial connectivity.
Sateliot offers continuous IoT connectivity under the 5G protocol, uses nanosatellites to complement existing telecommunications infrastructure in areas where traditional technologies fall short.
Support from the EIB
The EIB, owned by EU Member States, finances projects supporting EU policy goals, including competitiveness, innovation, and climate neutrality. In 2023, the EIB Group signed over €11.4B in financing in Spain, with nearly €6.8B dedicated to climate and sustainability projects, and €88B in total new financing.
EIB’s investment in Sateliot is backed by InvestEU, the EU’s flagship programme designed to mobilise over €372B in additional public and private investment to support EU policy objectives from 2021 to 2027.
EIB Vice-President, Robert de Groot, says, “This loan reflects the EIB’s commitment to innovation and the development of the European space sector, supporting the digital transition and contributing to the EU’s strategic autonomy in the field of space and global connectivity in the context of the European Strategic Security Initiative.”
The operation supports the European “New Space” ecosystem by accelerating digital transition and providing connectivity to millions of devices in remote areas without terrestrial coverage.
It will also enable security applications such as reconnaissance, surveillance, border protection, and infrastructure monitoring.
Brief about the EIB Group
The European Union supports its autonomous space capabilities through flagship programmes like Copernicus and Galileo, while also fostering the “New Space” industry with initiatives such as InnovFin Space Equity Pilot and the CASSINI initiative.
These programs, managed by the European Investment Fund (EIF), aim to support venture capital funds investing in early-stage European space companies.
The EIB is increasing its venture capital lending and financing for innovative space companies, offering venture capital loans to both early-stage and late-stage space firms with the support of the European Commission.
Since 2020, the EIB has become a major financier of new space technologies in the EU, providing over €90M to leading “New Space” companies. Sateliot’s financing is the first such investment in a Spanish satellite communications company through this venture debt instrument.
Besides the financing, the EIB Group supports the European “New Space” industry through financing and advisory services (EIB Advisory) in collaboration with the European Commission.
These services include market studies, the “Space Finance Lab” forum for connecting space companies with investors, and a 2022 report on global satellite navigation system investments with European Union Space Agency (EUSPA).
In 2024, the EIB, European Space Agency (ESA), and the European Commission signed an agreement to enhance cooperation in the sector.
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