EU commissioner for the internal market Thierry Breton has announced the start of the €1bn Cassini fund to boost start-ups in the space industry and develop new technologies.

Speaking at the 14th EU Space Conference today (25 January), Breton said the EU is a space power with the necessary expertise, industrial capacity, start-ups and assets to “weigh in on the global stage” but added that space is becoming a “contested domain”.

Breton said one of his priorities for the year ahead is financing vibrant start-ups that have disruptive ideas and technologies, something Europe is not short of.

“Many of our start-ups cannot get sizeable equity investment in the EU once they need to scale up. They have no choice but to turn to non-EU investors. This is a major loss for Europe. The Cassini fund will be a game changer.”

He said the fund will be supported by the European Investment Bank to ensure new companies get access to loans, particularly when they’re not accessible through traditional sources.

Cassini will also cater to future entrepreneurs by offering competitions and mentoring to help them develop products that meet customer needs, explore new business models and craft market plans.

Irish space involvement

Irish start-ups have been making a leap in the EU’s space industry. Last April Cork start-up Varadis secured a €600,000 contract with the European Space Agency (ESA). Its radiation detection sensors will be used on ESA satellites and is already being used by the International Space Station and clients in the private sector.

Nitrexo received €500,000 in ESA funding last April for its AI robot that will act as a ‘study buddy’ for space engineering students at four European universities.

Several Irish teams contributed to the historic launch of the James Webb telescope, which reached its controlled orbit today. A successor to the Hubble Space Telescope, it is the largest and most powerful space observatory ever built and is set to give scientists a new eye on the cosmos.

Irish start-up Réaltra developed a video system for the telescope’s launch vehicle, which was tested by Newry’s Resonate Testing, while Nammo Ireland provided structural supports. As well as these companies, researchers at the Dublin Institute for Advanced Studies were responsible for providing infrared technology to enable scientists to see further into space.

Growing space market

Breton stressed the need to consolidate existing assets as competitors are moving fast. He described the Galileo satellite navigation system as the best in the world, with plans to accelerate the deployment of its second-generation satellites. He said the first of these new satellites are expected to launch in 2024.

A recent report by the EU Space Programme shows the world’s global navigation satellite system and earth observation (EO) markets are growing significantly, enabling €200bn revenue in 2021 and set to reach €500bn over the next decade.

The report indicates that European companies hold more than 41pc of the global EO market, though this is dominated by SMEs and start-ups.

Last December the EU launched two more Galileo satellites into orbit, bringing the total number to 28, to enable more robust services and precise signals from the network. The expansion of Galileo is part of the EU’s new €14.8bn space programme, in a bid to become a global leader in this sector.

EU commissioner for the internal market Thierry Breton. Image: European Union 2019 – Source: EP/Flickr (CC BY 4.0)

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