Alpine Space Ventures, a newspace investment fund, has secured €60 m from the European Investment Fund to benefit the satellite market.
The investment, which is backed by the EU CASSINI space entrepreneurship initiative, InvestEU and Germany`s ERP-funds, brings Alpine Space Ventures’ (ASV) committed capital over the €100 m threshold. The VC firm expects to reach its €160 million target within 2023.
ASV’s fund focuses on the entire value chain of satellite constellations and Earth observation.
Commissioner for the Economy, Paolo Gentiloni, said: “InvestEU is playing a key role across Europe in channelling investment towards research and innovation priorities. This InvestEU agreement will help accelerate the development of new space technology, placing European businesses at the forefront of this rapidly evolving sector. I am delighted that, thanks to this agreement, we will be supporting the new space sector in Europe, which will create jobs and advance cutting-edge technologies.”
Marjut Falkstedt, CEO EIF, said: “Space has become the source of very important technological developments, and its importance will only continue to grow in the next decade. This opens up significant potential for profitable investments and also adds a powerful tool in the arsenal to tackle so many of the problems we are facing, most notably climate change. That’s why, at the EIF, we are proud to support advanced technology investors like Alpine Space Ventures to further boost European capabilities in the NewSpace sector.”
Founded by Bulent Altan and Joram Voelklein, ASV has invested in four companies: small satellite manufacturer Reflex Aerospace, electric propulsion company Morpheus Space, carbon composites expert Blackwave and Source Energy, a provider of integrated energy solutions for space vehicles.
ASV recently added more than 20 SpaceX executives and early employees as Limited Partners.