BAKU, Azerbaijan, December 4. The European Investment Bank (EIB) has agreed to a 30 million euro loan with Spanish satellite communications company Sateliot to support the deployment of its network of over 100 Low Earth Orbit (LEO) satellites, Trend reports.
This funding aims to enhance the global connectivity of the Internet of Things (IoT) through the expansion of Sateliot's satellite constellation.
Sateliot, based in Barcelona, is a key player in the European “New Space” industry, where private companies lead in space exploration and commercialization. The company is working to establish a network of satellites that will provide 5G narrowband IoT (5G-NB-IoT) connectivity to more than 8 million devices in remote and underserved regions, such as rural areas and oceans. This service will enable traditional mobile operators to extend the coverage of their IoT networks to locations where ground-based services are unavailable.
EIB Vice-President Robert de Groot emphasized that the loan reflects the bank’s commitment to supporting innovation and development in Europe’s space sector. The project is also seen as contributing to the EU’s strategic autonomy in space and connectivity, in line with the EIB's Strategic European Security Initiative.
In addition to expanding connectivity for commercial applications, Sateliot’s satellite network will support security needs such as surveillance, border control, and infrastructure monitoring. The EIB loan is guaranteed by InvestEU, the EU program designed to mobilize additional investments to support European policy objectives.
Sateliot CEO and Co-founder Jaume Sanpera noted that the financing, combined with support from other investors and institutions, will significantly advance the development of the satellite constellation. The funds will be used to accelerate the next phase of the project, with Sateliot's first four satellites set to enter commercial service in 2025.