Search En menu en ClientConnect
Search
Results
Top 5 search results See all results Advanced search
Top searches
Most visited pages

Signature(s)

Amount
€ 30,000,000
Countries
Sector(s)
Spain : € 30,000,000
Telecom : € 30,000,000
Signature date(s)
29/11/2024 : € 30,000,000
Link to source
Data sheet

Summary sheet

Release date
22 August 2024
Status
Reference
Signed | 29/11/2024
20230613
Project name
Promoter - financial intermediary
SIOT (IEU TI)
SATELIO IOT SERVICES SL
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 30 million
EUR 62 million
Location
Sector(s)
Description
Objectives

The project relates to the final phases of development of a low earth orbit (LEO) nanosatellite constellation to provide 5G IoT services for low bandwidth non-time-sensitive applications globally, notably in areas where terrestrial networks do not have coverage. The project will also include investments in a 4-satellite pilot constellation to test the system's full functionality end-to-end, and 40 additional satellites to validate the market-entry constellation launch and its operation at scale.

The main objectives are the deployment of satellite communication infrastructures targeting uncovered areas worldwide and European innovation. The project will also contribute to highly skilled job creation in Spain. It supports an emerging European leader in satellite communications, bringing narrowband internet-of-things services directly to terrestrial 5G IoT devices from space. The financing thereby develops the strategic EU "New Space" industry, in line with EU space policy and strategic autonomy goals. The company's network will serve a variety of industries globally, allowing to potentially connect to millions of currently unserved IoT devices in areas unreachable by terrestrial IoT networks. This will help businesses monitor their assets, in industries such as agriculture, fishing, maritime, oil and gas, wildlife, utilities, environmental, livestock, etc. Generally, for outdoor, non-time-sensitive, rural, or oceanic IoT applications. The project can also have a positive impact on the climate transition by allowing some industries to optimise consumption of fuel and natural resources.

Additionality and Impact

The project aligns with InvestEU objectives of developing the space sector, the EIB Strategic European Security Initiative, and the Green Deal. Sateliot is a Spanish "New Space" pioneer aiming to offer low-cost "narrowband Internet-of-Things" with small satellites, affordably serving millions of unconnected devices in remote areas uncovered by terrestrial IoT networks.

 

Sateliot will deploy a satellite constellation to provide rural IoT coverage as wholesaler to mobile network operators, who can then offer end-customers global IoT coverage by extending own terrestrial urban networks with rural satellite connectivity. It will support operators serving industries such as agriculture, fishing, maritime, oil & gas, wildlife, utilities, environmental, infrastructure, defence, or livestock, mostly outdoor, non-time-sensitive rural IoT use cases. This can have a positive impact on the climate transition, by optimising consumption of fuel, natural resources, etc.

 

The venture loan will co-finance research & development and capital investments, mainly in Spain (EU). This addresses multiple EU policy goals and market failures: funding deep tech innovation, supporting European security, defence, and strategic space autonomy, create positive R&D spill-over externalities, and correct SME information asymmetries and investment gaps in European venture capital markets.


More specifically, the project will support the further development of Sateliot's small satellite platform for narrowband IoT, adding more functionality and efficiency to new satellites and connectivity services. This will improve access, pricing, quality, and frequency of space IoT connectivity for numerous terrestrial applications currently unserved to due high pricing.

 

The loan will grant risk capital at longer maturities and later repayments than current market standards for venture debt, allowing greater managerial focus on business execution thanks to a more stable capital structure. The EIB support will signal an EU stamp of approval to the market, requiring further crowding-in of new capital to unlock the full EIB loan. The project would not be carried out by the EIB without the InvestEU support. 


Environmental aspects
Procurement

The investments will concern mostly research and development (R&D) activities carried out in already existing facilities. Therefore the project does not fall under Directive 2014/52/EU amending the EIA Directive 2011/92/EU.

The company is a private company not operating in the Utilities sector and does not have the status of a contracting authority. Consequently, the company is not covered by EU Directives on public procurement

Milestone
Under appraisal
Approved
Signed
12 September 2024
29 November 2024
Related projects
Link to source
Summary sheet

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - SIOT (IEU TI)
Publication Date
14 Sep 2024
Document language
Main Topic
Lending
Document Number
215632611
Document Focus
Environmental Information
Project Number
20230613
Sector(s)
Regions
Countries
Publicly available
Download now

News & Stories

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

Media enquiries

Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

Related publications