The European Investment Bank (EIB) has partnered with Sateliot, signing a EUR 30 million loan to support the development of its ambitious satellite constellation.
The funding will co-finance the deployment of over 100 low Earth orbit (LEO) satellites aimed at delivering global Internet of Things (IoT) connectivity.
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Extended IoT Coverage
Sateliot is advancing a network of satellites designed to function as mobile telecom towers in orbit. The network will provide 5G narrowband IoT (5G NB-IoT) services to more than eight million devices in remote, rural, and oceanic areas. This technology will allow traditional mobile operators to extend IoT network coverage to previously inaccessible regions.
The project, supported by the EIB, aims to strengthen the European Union’s space connectivity capabilities. It will also provide low-cost IoT solutions for sectors including agriculture, fisheries, livestock management, maritime activities, fire monitoring, protected area management, and environmental applications.
“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 EIB Vice-President, Robert de Groot.
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Accelerating Digital Transition
The initiative is set to enhance the European New Space ecosystem, accelerating the digital transition by enabling millions of devices in remote areas to connect, where traditional ground-based IoT networks are unavailable. Additionally, it will support critical security applications, including reconnaissance, surveillance, border protection, and infrastructure monitoring.
The EUR 30 million loan, provided by the European Investment Bank (EIB), is backed by InvestEU, the EU’s flagship program, which intends to drive over EUR 372 billion in additional public and private investment to advance key policy objectives between 2021 and 2027.
“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,” added Sateliot CEO and Co-Founder, Jaume Sanpera.
