space company Satelliotguiding a constellation low orbit satellites provide coverage with 5G standard for Internet of ThingsIt received a loan of 6 million euros from Banco Santander to continue developing its own technology and deploying the satellite constellation it is working on. Sateliot announced this financing in a statement and announced that it plans to open its commercial phase by launching four satellites this year.
The company announced that the Santander loan is part of the bank’s program for fast-growing companies. Company sources emphasized that Santander is exactly the organization that will support Sateliot. They emphasize that Sateliot has already signed agreements with global telecommunications operators and companies in the sector and has a firm order book of over 150 million euros. According to Jaume Sanpera, CEO and co-founder of Sateliot, “The closing of these three operations demonstrates the trust placed in us by top banks, regional public administrations and other groups such as venture capital, family offices or business angels. “With all of them, we have created a strategic partnership that strengthens the construction of a country project that will lead Spain’s first 5G-IoT constellation.”
Last November, Avançsa, a commercial company affiliated with the Generalitat Business Administration Department, gave a participation loan of 2.5 million euros to Sateliot.
Sateliot has designed two of the three nanosatellites for which the Generalitat has signed service contracts to date, and the Generalitat has begun the process of contracting a fourth.
Thanks to Avançsa’s 2.5 million participation loan, Santander’s 6 million loan and the 5 million convertible note initiated by Sateliot, the company “strengthened its financial situation” and raised funds of 13.5 million last year. “This amount allows Sateliot to meet 2024 with sufficient financial strength to develop its business strategy and sends a strong message of confidence to the market and the aviation industry,” emphasizes Sateliot, whose shares include large shareholders such as Indra with 10.5%. or Cellnex with 3.5%. Sepides is also part of the shareholders, a business group owned by SEPI, which controls 5%.