Sateliot obtains 30 million from the EIB to deploy its satellite network

Sateliot will deploy its satellite constellation to reach areas without connectivity with a 30 million loan from the European Investment Bank (EIB). With these resources, the Barcelona-based startup will co-finance the more than 100 satellites it will deploy to provide connectivity to IoT devices located in remote areas without coverage.

These Low Earth Orbit satellites act as mobile towers in low Earth orbit, to provide connectivity to more than eight million devices in remote rural and oceanic areas. Using this service, traditional mobile network operators can extend their terrestrial networks to areas previously without coverage. Specifically, the project financed by the EIB will strengthen EU space connectivity and offer low-cost asset monitoring services.

This improvement in IoT connectivity can benefit activities linked to sectors such as agriculture, livestock, fishing and other maritime activities, in addition to the management of protected areas, security, fire control and other environmental applications.

The loan is part of the InvestEU program, and "reflects the EIB's commitment to innovation and the development of the European space sector," according to the financial institution's vice-president, Robert de Groot.

These 30 million from the EIB are added to the revenues that Sateliot expects to start receiving in 2025 when it activates the commercial service of the four satellites it already has in orbit, as highlighted by the CEO and co-founder of Sateliot, Jaume Sanpera.