Enisa backs Sateliot with a new loan of 640,000 euros for the launch of its second nanosatellite
Enisa, the company under the Spanish Ministry of Industry, Trade and Tourism dedicated to the alternative financing of innovative business projects, has backed Sateliot, the company that will put into orbit the first commercial constellation of 5G-IoT nanosatellites, with a new loan of 640,000 euros for the launch of its second nanosatellite.
The public body thus revalidates its confidence in the project by contributing to financing the company’s growth, after it already granted it a first line of financing of €200,000 in its early stages in 2019.
The announcement of Enisa’s new participative loan through its ‘Growth Line’ comes just a few weeks after the company led by Jaume Sanpera closed a €10 million capital increase divided into two tranches in which Indra and Cellnex have joined, among others, as new shareholders and industrial partners.
A new satellite in October
To support the expansion of the business, Enisa has valued the evolution and technological consolidation stage of Sateliot, which will use these funds to complete R&D developments prior to the start of its commercial service, scheduled for next year.
Specifically, Sateliot plans to launch in October its second nanosatellite, an international pioneer in the connection of IoT devices from space under the 5G NB-IoT standard; a key technological development to provide an extension of coverage to the entire planet, compatible with all mobile operators.
In this way, Sateliot, belonging to a sector as dynamic and revolutionary as New Space, is part of the portfolio of Spanish startups that, like Cabify, MásMóvil, Ecoalf, Glovo or Wallapop, were recognized by Enisa in their beginnings as innovative companies with transformative potential.
According to Jose Carrero, Sateliot’s CFO, “Enisa’s new financial support revalidates its confidence in the project, once the potential of its business has been demonstrated. This new line will allow us to finance the closing of our technology roadmap and is vital to cover the gap in traditional bank financing that is so complex in the initial phases of projects such as ours.”