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Space: EU attracts €300 million of investments to boost innovation in the sector

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The Commission and the European Investment Fund (EIF) have announced a €300 million investment into the space sector, with €100m stemming from the EU budget, supporting ground-breaking innovation in the industry. The EIF's participation is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. This investment concerns two space tech focused funds, Orbital Ventures and Primo Space, under the first ever EU-backed equity pilot in the space sector, the InnovFin Space Equity Pilot.

Orbital Ventures, a pan-European seed and early stage fund, focuses on space technologies including downstream (communications, cryptography, data storage and processing, geolocation, earth observation) and upstream (space hardware, materials, electronics, robotics, rockets, satellites) areas. Primo Space, an Italian early-stage tech transfer investor, was the first fund selected by the EIF under this pilot. The EIF is now increasing its support. The fund is one of the first technology transfer funds only focused on space technologies in Europe, and the first one in Italy. It invests in proof-of-concept, seed and early stages projects or companies, and will foster the commercialisation of breakthrough innovations in the space industry in Europe.

Internal Market Commissioner Thierry Breton said: “Bolstering competitiveness in the space industry is an essential element for the recovery of the sector. I strongly welcome this investment into space technology SMEs, which brings us closer to our digital transition goal. This supports the development of European space start-ups and shows that the European space business is booming.''

Research, Innovation, Culture, Education and Youth Commissioner Mariya Gabriel said: “These transactions, benefiting from the InnovFin Space Equity Pilot, will help to bolster private equity for innovative SMEs and startups in the space sector. The investments in Orbital Ventures and Primo Space is a testimony to Europe's booming space sector and demonstrates our commitment to supporting companies with breakthrough ideas and technologies.”

For more information, please read the press release.

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