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Signature(s)

Amount
€ 10,000,000
Countries
Sector(s)
Bulgaria : € 10,000,000
Telecom : € 10,000,000
Signature date(s)
28/07/2021 : € 10,000,000
Link to source
Data sheet

Summary sheet

Release date
26 August 2021
Status
Reference
Signed | 28/07/2021
20210164
Project name
Promoter - financial intermediary
EDS (EGF VD)
ENDUROSAT AD
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 10 million
EUR 20 million
Location
Sector(s)
Description
Objectives

The project will support the company's investments into innovation, space infrastructure and commercial expansion inside the EU, mainly in Bulgaria.

The objectives of the EIB financing are to support the company mitigate and overcome the negative economic impact of the COVID-19 pandemic crisis, and execute its space infrastructure, innovation, and commercial expansion investments.

Additionality and Impact

Founded in 2015, EnduroSat is a Bulgarian space start-up based in Sofia. It designs, builds and manufactures Nanosatellites. Its mission is to deliver a streamlined space data service, empowering corporates, exploration, and science teams. Its Shared Satellite Service allows multiple customer payloads on a single NanoSat at a fraction of current costs and complexity. This streamlines space operations by covering the whole process: from payload integration over launch to data handling, via simple cloud-based user interface. This provides easy access to space to visionary entrepreneurs, scientists, and technologists. 

EnduroSat AD is the group parent and EIB borrower. The group employs 70+ people, and has the potential to become an EU leader and enabler for the global New Space economy. The project will provide near-term liquidity to mitigate the negative impacts of COVID-19, under the Pan-European Guarantee Fund (EGF). The venture loan will finance investments in innovation, space infrastructure and services, and commercial expansion in EU. It will also generate positive externalities, such as knowledge transfer, reduced space debris thanks to multi-payload satellites, increased competition, and expansion of the EU's Remote Sensing capabilities. Finally, it addresses a funding gap in European VC with a unique, long-term, low-dilutive venture debt instrument.

Environmental aspects
Procurement

The project activities do not fall under the Annexes I or II of the EU Directive 2014/52/EU amending the EIA Directive 2011/92/EU. The project will be carried out in existing facilities, already authorised, that will not change their scope due to the project. As such, the project activities are not subject to a mandatory Environmental Impact Assessment.

The promoter is a private company not operating in the utilities sector and not having the status of a contracting entity, thus not being subject to EU rules on public procurement. Under these conditions, the procurement procedures followed by the promoter are suitable for the project.

Link to source
Summary sheet

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - EDS (EGF VD)
Publication Date
18 Sep 2021
Document language
Main Topic
Lending
Document Number
141781479
Document Focus
Environmental Information
Project Number
20210164
Sector(s)
Regions
Countries
Publicly available
Download now
Environmental and Social Completion Sheet (ESCS) - EDS (EGF VD)
Publication Date
21 Dec 2023
Document language
Main Topic
Lending
Document Number
179809131
Document Focus
Environmental Information
Project Number
20210164
Sector(s)
Regions
Countries
Publicly available
Download now

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Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
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The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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