The core objective of this alliance is to foster cooperation and coordination among these influential entities. The collaboration is strategically designed to offer financial and advisory support to European space companies. This initiative is expected to not only improve access to finance but also encourage innovation and facilitate knowledge sharing. The combined expertise, resources, and networks of the EC, EIB, and ESA are poised to drive the European space sector into new realms of innovation, economic growth, and strategic autonomy in space.
Timo Pesonen, Director-General of DG-DEFIS at the European Commission, emphasized the importance of accessible finance for companies at all stages of development. He highlighted the role of the Commission's CASSINI Space Entrepreneurship initiative in bolstering the space ecosystem, facilitating finance access for space start-ups, scale-ups, and SMEs. "Yet, access to debt funding remains challenging," Pesonen acknowledged. He added, "Today we are joining forces with the EIB and ESA to try to fix the issue. Europe is now the hub for space entrepreneurship. We need to preserve this and continue supporting our industrial ecosystem to grow, innovate and capture new markets globally."
Kris Peeters, Vice-President of the European Investment Bank, shared his enthusiasm for the collaboration, underscoring the EIB's commitment as the financial investment arm of the European Union to support projects that align with EU policy objectives. "We are thrilled to collaborate with the European Commission and ESA to provide strategic financing solutions and advisory services aimed at empowering European space companies and enabling them to thrive in a highly competitive global landscape," Peeters stated.
ESA Director General Josef Aschbacher also highlighted the potential of this partnership. "Today's agreement marks a milestone in European space collaboration," Aschbacher remarked. He further elaborated on the synergy of ESA's technical and scientific expertise with the financial acumen and backing of the EIB and the policy support of the European Commission, describing it as "a formidable alliance." Aschbacher emphasized that this partnership is a testament to a shared vision, paving the way for groundbreaking advancements and ensuring that European space companies remain at the forefront of innovation and competitiveness.
This collaboration is expected to be instrumental in identifying and addressing bottlenecks, streamlining access to finance and advisory services. Such measures are crucial to ensure that European space companies have the necessary resources to transform their innovative ideas into reality.
The EIB Group, known for its role in supporting sustainable investment, job creation, economic growth, and innovation across Europe, will work closely with public and private-sector partners in this endeavor.
The collective effort of the EC, EIB, and ESA through this collaboration not only underscores the growing importance of the space sector in Europe but also reflects a strategic shift towards a more integrated and supported approach for the industry. By focusing on addressing the challenges of finance and fostering an environment conducive to innovation and growth, this alliance is set to play a pivotal role in shaping the future trajectory of the European space sector.
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