Aerospace: EU announces investment of 300 million to boost the sector

 

 

 

 Following the European Space Conference, which took place in Brussels on January 12 and 13, the European Commission and the European Investment Fund (EIF) announced the creation of a budget of 300 million euros dedicated to the space sector, to boost its development on the Old Continent.

 

 

“The investments in the space sector announced today show how public support can be deployed to attract private investments and catalyze the development of this sector in the EU,” said Alain Godard, EIF leader. Indeed, according to the Commission, this is an area in need of a boost in Europe to be able to face global competitors, especially since the failure of the Véga launcher on November 17.

 

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Two funds and a pilot project

The two European organizations will invest in two funds focused on space technologies: the Luxembourg company Orbital Ventures and the Italian Primo Space, of which one of the main shareholders is the Italian Space Agency. These investments 'are backed by the very first pilot project financed by EU own funds in the space sector: 'InnovFin Space Equity'', explains the Commission in its press release.

“Strengthening the competitiveness of the space industry is an essential element for the recovery of the sector. I warmly welcome this investment in SMEs in the space technology sector, which brings us closer to our goal of digital transition. This supports the development of young European space companies and shows that the European space industry is booming ”, says Thierry Breton, European Commissioner responsible for industrial policy, the internal market, digital technology, defense and space .

 

 

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Helping new space companies to grow

Following European investments, Orbital Ventures will specialize in space technologies, that is to say materials, robotics, electronics, satellites, launchers and equipment in the broad sense, but also in communications, data storage and geolocation. For its part, Primo Space will finance technology transfers during the start-up phase; the fund thus invests in start-up companies, in order to promote the commercialization of innovations in the space sector in Europe.

Primo Space is one of the first European technology transfer funds focused solely on space. Its leader, Gianluca Dettori, did not hesitate to make a first announcement in the wake of those of the European Commission: “We are going to raise funds until the summer and we are already seeing a growing interest from investors to participate in an industry valued at 300 billion euros which is developing rapidly. Today we are announcing our second investment of € 2 million in Leafspace, a Como-based start-up that provides a 'Earth Segment as a Service' solution to satellite operators and space service providers; we are looking for new investments across Europe ”.