The European Commission, the European Investment Bank (EIB) and the European Space Agency (ESA) have signed a collaboration arrangement at the Space Conference, to join forces to strengthen the European space sector. This will include small and medium businesses (SMEs) and start-ups and enhance Europe’s position in space.
The collaboration between the three institutions aims to foster cooperation and coordination with a focus on providing financing and advisory support for European space companies. Through this collaboration, the institutions seek to improve access to finance, encourage innovation and knowledge sharing and stimulate the development of cutting-edge space technologies. By leveraging their collective expertise, resources and networks, the three institutions aim to propel Europe’s space sector to new frontiers, driving innovation, economic growth and strategic autonomy in space.
Director-General of DG-DEFIS at the European Commission Timo Pesonen stated: “Access to finance is crucial for companies, whatever their stage of development. With our CASSINI Space Entrepreneurship initiative, the Commission already provides a big boost to our New Space ecosystem by facilitating access to finance to space start-ups, scale-ups and SMEs. Yet, access to debt funding remains challenging. Today we are joining forces with the EIB and ESA to try to fix the issue. Europe is now the hub for space entrepreneurship. We need to preserve this and continue supporting our industrial ecosystem to grow, innovate and capture new markets globally.”
European Investment Bank Vice-President Kris Peeters said: “As the financial investment arm of the European Union, the EIB is committed to supporting projects aligned with EU policy objectives. We are thrilled to collaborate with the European Commission and ESA to provide strategic financing solutions and advisory services aimed at empowering European space companies and enabling them to thrive in a highly competitive global landscape.”
ESA Director General Josef Aschbacher emphasised the potential of the partnership, stating: “Today’s agreement marks a milestone in European space collaboration. The convergence of ESA’s technical and scientific expertise with the financial acumen and backing of the EIB and the policy support of the European Commission creates a formidable alliance. This partnership is more than just a commitment to collaboration; it is a testament to our shared vision. Together, we are paving the way for ground-breaking advancements and ensuring that European space companies are at the cutting edge of innovation and competitiveness.”
This collaboration will play a pivotal role in identifying bottlenecks and streamlining access to finance and advisory services, to ensure that European space companies will have the necessary resources to bring their ground breaking ideas to fruition.
