Sateliot closes €30m financing with EIB for satellite IoT
Long-term lending institution of the European Union announces first venture debt operation with Spanish space company to aid internet of things connectivity
The European Investment Bank (EIB) has signed a €30m loan, guaranteed by InvestEU, with Spanish satellite company Sateliot to co-finance the roll-out of its constellation of over 100 low Earth orbit (LEO) satellites, designed to provide internet of things (IoT) connectivity worldwide.
Founded in 2018, Sateliot deployed earlier in 2024 what it said was the first LEO satellite constellation, with 5G standards for narrowband IoT (NB-IoT) satellite IoT with 100% global coverage, launching four satellites from SpaceX’s Transporter-11 mission.
Sateliot’s business plan projects revenues of €500m in 2027 and €1bn in 2030, and has already secured €200m in recurring revenue contracts from over 400 clients in 50 countries worldwide. It has the ambition of complete deployment of its constellation in 2027/2028, providing real-time coverage worldwide.
Basing its offer on the 3GPP Release 17 standard, which standardises using satellites with cellular modems and antennas, Sateliot is rolling out a network of satellites that provide 5G narrowband internet of things (5G-NB-IoT) connectivity to over eight million cellular-enabled IoT devices in rural, oceanic and other remote areas.
Traditional mobile operators can use this service to expand the coverage of their ground-based IoT networks to previously unserved areas. It said it can ensure customer devices can enjoy uninterrupted and reliable IoT connectivity across both terrestrial and satellite infrastructures, providing ultra-high-quality connectivity in the remotest environments.
The EIB is the long-term lending institution of the European Union (EU), owned by its Member States. It finances investments that contribute towards EU policy goals, and its projects are intended to bolster competitiveness, drive innovation, promote sustainable development, and enhance social and territorial cohesion.
The InvestEU programme is the flagship EU programme to mobilise over €372bn of additional public and private sector investment to support EU policy goals from 2021 to 2027. It provides the EU with long-term funding by using private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as digital transition.
Read more about satellite IoT
- Global satellite IoT revenue to double by 2027: Study predicts further strengthening of satellite internet of things market, with government and defence sectors to generate bulk of revenue globally in the sector by 2030, but also stresses need for beefed up cyber security.
- Global satellite IoT subscriber base gains higher orbit: Research shows incumbent satellite operators and more than two dozen new initiatives are now betting on the internet of things connectivity market, with hybrid satellite-terrestrial connectivity opportunities becoming common.
- Satellite operators to launch 15,000 new craft over next five years to support IoT: Research finds providers of space-based communications plan to rocket-propel growth over the next five years, in particular to drive internet of things applications.
- Sateliot to launch four satellites in 5G IoT programme: Leading satellite operator continues on its programme of delivering 5G communications by deploying the first 5G-IoT satellite constellation.
The EIB-financed project is designed to bolster the EU’s space connectivity and offer low-cost, IoT-based asset monitoring services for use in sectors such as agriculture, livestock management, fisheries and other maritime activities, the management of protected areas, fire control and monitoring, and environmental applications, among others.
The financing is also seen as helping to strengthen the European New Space ecosystem, speeding up the digital transition by connecting millions of previously disconnected devices in remote areas where ground-based IoT connections do not reach. It will also provide connectivity for security applications such as reconnaissance and surveillance, border protection and control, as well as security infrastructure monitoring.
“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.
