The European Investment Bank (EIB) has announced a €30 million loan agreement with Sateliot to support its low Earth orbit (LEO) IoT satellite constellation.

Barcelona-based Sateliot plans to launch over 100 satellites designed to function as orbital mobile towers, providing 5G narrowband IoT connectivity to more than 8 million devices in remote, rural, and oceanic locations.

The network will enable traditional mobile operators to extend their terrestrial IoT coverage to previously unreachable areas.

Robert de Groot, VP of the EIB, said: “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.”

As part of Europe’s “New Space” industry, where private enterprises are driving space exploration and commercialisation, Sateliot’s project aims to enhance various sectors through low-cost IoT asset monitoring services.

The technology will benefit multiple industries, including agriculture, livestock management, fisheries and maritime activities, protected area management, fire control and monitoring, and environmental applications.

This loan from the European Investment Bank aligns with the EU’s broader objectives to strengthen its space connectivity capabilities whilst fostering technological independence in the increasingly competitive global space sector. Last month, the UK Space Agency launched an initiative testing hybrid connectivity solutions in some of Britain’s most isolated locations.

(Photo by Stock Birken)

See also: Eseye and Sateliot deliver global satellite IoT connectivity

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Tags: connectivity, constellation, eib, eu, europe, european investment bank, european union, internet of things, investment, IoT, narrowband iot, nb-iot, networks, operators, sateliot, satellites, spain