EDS (EGF VD)

Promoter – Financial Intermediary

ENDUROSAT AD

Location

• Bulgaria

Description

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

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.

Objectives

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.

Sector(s)

• Telecom - Information and communication

Proposed EIB finance (Approximate amount)

EUR 10 million

Total cost (Approximate amount)

EUR 20 million

Environmental aspects

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.

Procurement

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.

Status

Signed - 28/07/2021