SpaceRISE Wins EU Contract to Build and Operate IRIS2 Satellite Network

SpaceRISE Wins EU Contract to Build and Operate IRIS2 Satellite Network
by Erica Marchand
Paris, France (SPX) Nov 03, 2024

SpaceRISE, a consortium involving Eutelsat (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL), Hispasat, and SES (Ticker: SESG), has been selected by the European Commission to design, build, and operate IRIS2, the European Union's ambitious new multi-orbit connectivity system. This award signifies a key advancement in securing a stable and autonomous communications network for Europe.

IRIS2 aims to bolster Europe's resilience, enhance digital sovereignty, and provide low-latency connectivity across all EU Member States. The multi-orbit satellite system is designed to respond to crises, protect critical infrastructure, and help close the digital divide. Scheduled to be fully operational in the early 2030s, IRIS2 will serve as a robust and secure communications backbone that aligns with the strategic and digital ambitions of the European Union.

The IRIS2 program will be delivered as a public-private partnership (PPP), financed through a combination of EU funding, the European Space Agency, and investments from the private sector, including contributions from the three satellite operators in the SpaceRISE consortium.

The consortium is preparing for the final phase of the procurement process, with contract signature expected by the end of this year.

Eva Berneke, Chief Executive Officer of Eutelsat, commented: "The IRIS2 programme is a powerful extension of Eutelsat's commitment to advancing Europe's digital sovereignty through sustained investment in multi-orbit technology to deliver multi-layered, low-latency networks, which are essential to Europe's strategic resilience. We are proud to support the EU on this project alongside the consortium partners to deliver a resilient, future-ready communication system that meets Europe's most critical connectivity needs, while generating value-creation for Eutelsat and its stakeholders by complementing and enhancing our existing LEO capabilities."

Miguel Angel Panduro, Chief Executive Officer of Hispasat, added: "We are firmly committed to everything that IRIS2 represents: a sovereign secure communications system, supported by European innovative developments and driven by public-private partnership. It is an ambitious project, in which the companies of the SpaceRISE consortium are working to offer the best response to the demands of the European Union. This award is an exciting first step of a project that will define the future of satellite communications in Europe."

Adel Al-Saleh, Chief Executive Officer of SES, said: "Being selected as a trusted partner for IRIS2 is an honour. SpaceRISE, based on the European Union's requirements, will define and develop a future-proof space network that will serve as the cornerstone of Europe's space and defence strategies in the years to come. The IRIS2 system is aligned with SES's multi-orbit network and underscores our commitment to advancing our MEO capabilities, as well as having access to LEO orbit. We will continue to ensure that the contract meets our IRR requirements, cash generation fundamentals, and investment grade metrics."