The European Commission and the European Investment Fund (EIF) announced on 13 January an investment of €300 million, including €100 million from the EU budget, to support breakthrough innovations in the space sector. The EIF participation is supported by the European Fund for Strategic Investments ( EuSEF) , the main pillar of the Investment Plan for Europe.
The funds involved: Orbital Ventures and Primo Space
The investment involves two space technology-focused funds, Orbital Ventures and Primo Space, as part of the first EU-funded equity pilot in the space sector, theInnovFin Space Equity Pilot.Orbital Ventures is a pan-European fund dedicated to start-up and early stage companies and focuses on space technologies, downstream (communications, cryptography, data storage and processing, geolocation, Earth observation) and upstream (hardware, materials, electronics, robotics, rockets, satellites).Primo Space, on the other hand, is an Italian investor dedicated to technology transfer at an early stage, and was the first fund selected by the EIF under the pilot project. The fund is one of the first dedicated to technology transfer in Europe, and the first in Italy, to focus exclusively on space technologies. It invests in projects or companies at proof-of-concept, seed and other early stages, and will promote the commercialisation of pioneering innovations in the space industry in Europe.
Strengthening the competitiveness of European aerospace
Internal Market Commissioner Thierry Breton said: "Strengthening competitiveness in the space industry is an essential element for the sector's recovery. I warmly welcome this investment in SMEs in the space technology sector, which brings us closer to our goal of digital transition. It supports the development of European start-ups in this sector and demonstrates that the European space enterprise is booming." Mariya Gabriel, Commissioner for Research, Innovation, Culture, Education and Youth, said: "These deals, which benefit from the InnovFin Space Equity Pilot, will help strengthen private equity for innovative SMEs and start-ups in the space sector. The investments in Orbital Ventures and Primo Space testify to the growth of the sector in Europe and demonstrate our commitment to supporting companies with revolutionary ideas and technologies."
