Sateliot Secures €30 Million Loan from European Investment Bank

Team S · 2024-12-30T17:42:59.000Z

Spanish company Sateliot has secured a €30 million loan from the European Investment Bank (EIB) to co-finance the rollout of its constellation of over 100 Low Earth Orbit (LEO) satellites. This ambitious project aims to provide global Internet of Things (IoT) connectivity, particularly in rural, oceanic, and remote areas. Sateliot's technology: The company is developing a network of satellites that function as mobile telecom towers in low Earth orbit, offering 5G narrowband IoT connectivity to over eight million devices. Funding details : The €30 million loan is guaranteed by InvestEU, an EU program aimed at mobilizing over €372 billion in additional investments from 2021 to 2027. Project impact: The initiative will strengthen the European New Space ecosystem, accelerate digital transition, and contribute to the EU's strategic autonomy in space and global connectivity. The technology will benefit sectors such as agriculture, livestock management, fisheries, environmental monitoring, and security applications. Sateliot's progress : The company already has four satellites in orbit, expected to enter commercial service in 2025. EU space initiatives: The project aligns with existing EU space programs like Copernicus and Galileo, as well as initiatives supporting the European New Space industry. This funding marks a significant step in advancing European space technology and global IoT connectivity, positioning Sateliot as a key player in the growing New Space sector.

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Sateliot Secures €30 Million Loan from European Investment Bank | Newnex