Belgium: Europe’s space sector gets lift as EIB provides Belgian satellite maker Aerospacelab €37.5 million in financing

This article is published in association with European Investment Bank.

• Financing supported by InvestEU, the European Union’s investment programme, will back scale-up whose expertise lies in manufacturing cutting-edge satellites manufacturing.
• Operation to reinforce European security and homegrown satellite innovation, bolstering telecom and earth observation capabilities.
• Agreement is part of EIB Group’s TechEU plan to commit €70 billion in support of European tech champions by 2027.

The European Investment Bank (EIB) is providing Belgian satellite manufacturer Aerospacelab with €37.5 million in financing to support the company’s research and development and to reinforce the European Union’s strategic autonomy in space technologies. For Aerospacelab the financing is part of their recently announced Series B funding round. The operation is backed by InvestEU, the EU’s flagship programme to mobilise over €372 billion in additional investment from 2021 to 2027.

The EIB financing, which takes the form of venture debt, will enable Aerospacelab to further develop and expand its portfolio of satellite platforms able to carry a broader and heavier number of payloads as well as to further develop payloads themselves, thereby extending its applications range to telecommunication and earth observation operations. Venture debt is a flexible loan supporting innovative companies’ growth without diluting ownership substantially. The EIB’s investment comes alongside new equity capital contributed by existing and new investors.

Aerospacelab is pioneering the deployment of advanced software and hardware infrastructure that will allow the mass manufacturing of large constellations of small satellites in short lead times, boosting the EU’s capacity to scale and compete in cutting edge New Space technologies such as satellite communications, currently dominated by Starlink, SpaceX’s satellite operator. This is the bank’s first investment in a Belgian space company and in micro-satellite manufacturing, complementing its “New Space” portfolio towards strategic autonomy. Prior investees include Spire Global, D-Orbit, EnduroSat, Kayrros, Gomspace, LeafSpace, and Sateliot.

“The EU’s security depends on developing and maintaining autonomous space capabilities, and the EIB is and will remain one of the largest financiers in this area.” said EIB Vice-President Robert de Groot. “This venture debt agreement highlights our commitment to raise our financing for European innovators to a record high, making sure that ideas and technologies born in Europe stay and grow in Europe.”

Space innovation helps the EU’s cohesion regions by expanding the availability of satellite-enabled broadband communications. Satellite technologies also have positive spillover effects across the European economy, with earth observation from space supporting applications in many industries such as agriculture, the management of natural resources, disaster prevention, climate monitoring and the reduction of carbon emissions via optimised maritime routes.

“Securing this support from the European Investment Bank is key for Aerospacelab,” said its Chief Executive Officer Benoît Deper, who is also the company’s founder. “It not only validates our innovative modular approach to industrial satellite manufacturing but also empowers us to scale our operations and deliver European-made satellites to the global market. With this backing, we can accelerate ambitious R&D initiatives and drive the next phase of innovation in the space industry.”

“This financing agreement, backed by InvestEU, underscores our unwavering support for innovation and strategic autonomy in the European Union. By leveraging InvestEU funding, we are empowering European companies in Belgium to lead in cutting-edge space technologies. Through strategic investments like this, we are ensuring that Europe remains at the forefront of technological advancements, driving economic growth and enhancing our collective security.” Added Thomas de Béthune, Head of Representation of the European Commission in Belgium.

TechEU

The agreement falls under EIB Group’s flagship TechEU Programme, the largest financing initiative for innovation in Europe. The programme aims to support an additional 1,000 European tech champions with venture capital products annually, substantially reducing funding constraints for scaleups.

The EIB has launched a dedicated TechEU Portal as a one-stop-shop service for European innovators. The portal features an embedded “Investment Readiness Checker”, an easy-to-use web tool that allows startups or scaleups working in cleantech, life sciences and defence and space technologies to find out how the EIB Group can support their ambitions.

Over the 2025-2027 period, the EIB Group will commit €70 billion via a comprehensive suite of instruments to support high-risk projects and innovative companies throughout their investment journey, from idea to market.  The goal is to mobilise €250 billion in investment for disruptive technologies and enabling infrastructure.

Space technologies with defence applications are one of the priority areas for TechEU, in line with the EIB Group’s ambitious strategy to raise its financing for projects that reinforce European security to a new record high this year while broadening the scope of eligible investments.

Background information    

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. The EIB finances investments in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, a stronger Europe in a more peaceful and prosperous world and Europe’s capital markets union.   

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security. In the last decade, the EIF has backed various venture capital funds investing in early-stage European space companies, and the EIB has become a key financier of New Space. In 2023, the EIB signed a Memorandum of Understanding with the Wallonian Region, to develop the space economy.

Approximately half of the EIB’s financing within the EU targets cohesion regions, where per-capita income is below the EU average, while almost 60% of annual EIB Group investments support climate action and environmental sustainability. 

High-quality, up-to-date photos of the organisation’s headquarters for media use are available here.  

The InvestEU programme provides the European Union with long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps to crowd in private investment for the European Union’s strategic priorities such as the European Green Deal and the digital transition. InvestEU brings all EU financial instruments previously available for supporting investments within the European Union together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

Founded in 2018, Aerospacelab is redefining the satellite manufacturing industry with its vertically integrated model and scalable constellation strategy. By combining rapid satellite production with hands-on operations, the company empowers governments, businesses, and organizations with reliable and efficient technologies that enable real-time insights to drive smarter decisions on Earth and power connectivity.