The European Union will give 200 million euros ($222 million) to help Europe’s space industry, as a loan to help fund improvement of the Ariane 6 and interest in space new businesses. The European Commission and the European Investment Bank Group declared at a space approach gathering in Brussels Jan. 21 that it would give the space business funding, a move that one EU official called a “game-changer” for its help of the business.
Half of the 200 million euros will be in a type of a loan to ArianeGroup to enable the organization to pay for a lot of the expenses of building up the Ariane 6 rocket, set to make its introduction recently. The European Commission said in an announcement that the loan will bolster “an innovative financing structure which will be contingent on Ariane 6’s commercial success, once operational.”
The other 100 million euros will go towards another program, the InnovFin Space Equity Pilot, being created in collaboration between the European Commission and European Investment Fund (EIF). That program will put resources into European endeavor finances that help new companies in the space part.
European space new businesses have griped recently about the lack of venture financing accessible for their organizations, in sharp difference to the developing interest for space among investment assets in the United States and China. That has constrained European organizations to either look for alternative types of financing or work with American or other non-European funds.
Claude Denni was born and raised in San Jose. Claude has worked as a journalist for nearly a decade having contributed to several large publications including the Daily Democrat here in Californiar and NPR. As a journalist for Coastal Morning Star, Claude covers national and international developments.