The European Investment Bank (EIB) has awarded up to €20 million of funding to Spire Global, the US company with the world’s largest multi-purpose constellation of satellites.

Europe invests in Spire space data
The financing will back capital expenditure and research and development (R&D) activities, says the EIB. Specifically, to help develop Spire’s constellation of small satellites and high-quality maritime, aviation and weather space data and analytics.
It will also back the development of new software applications for customers and create high-skilled jobs in Luxembourg, one of the international locations of Spire, according to the bank.
The EIB, which is a long-term lending institution of the European Union, has said it is committed to “strengthen support for European space start-ups and cooperate with space agencies”. In turn, it is backed by the European Fund for Strategic Investments (EFSI).
“Spire is pleased to be working with EIB to drive product innovation and scalability in Europe,” said Peter Platzer, CEO and founder of SPIRE. “Our satellite constellation is monitoring every point on the planet in near real-time, producing unique datasets that can be processed into decision-making tools that help to solve some of the world’s biggest problems, such as achieving net zero emission targets, illegal fishing, excessive fuel consumption, early warning of extreme weather events, and more efficient movement of global resources.”
“Europe has exceptional high-tech talent, including in data analytics, AI/ML, and product development, making it an ideal location for Spire to scale our team to meet new customer demands through product innovation. We applaud EIB’s decision to fill the growth financing gap between early stage and mature companies, which positions Europe as a competitive location for technology start-ups and particularly attractive for business scaling.”
The EIB highlighted the importance of the space sector:
“Like many other sectors, space is undergoing disruptive changes driven by innovation and digitalisation,” said EIB Vice-President Teresa Czerwińska. “We shouldn’t miss the opportunity to play a decisive role in the emerging New Space industry and reap the many benefits it can bring to the whole economy and Europe’s future competitiveness.”
“I am therefore particularly pleased about our agreement with Spire. For the first time ever, the EIB is directly supporting a highly innovative, disruptive start-up in the New Space sector. It shows that the European Union can attract late-stage, fast-growing companies that develop new business models and commercialise new technologies in sectors that will define our future.”