European Space Industry Growth and EIC Accelerator Funding Opportunities
Spotlight on Space Disruptive technologies, driven by SMEs and startups, are significantly changing the value proposition of the global space industry. European space companies are becoming major players in the global space economy, which was valued at EUR 370 billion in 2021. This sector is expected to experience substantial growth of 74% by 2030, culminating in a projection of up to EUR 642 billion for both upstream activities (e.g., satellite manufacturing and launchers) and downstream activities (e.g., navigation, satellite communications, and earth observations). The European space industry ranks as the fourth largest in the global space landscape, registering a growth in sales that marked an increase of around EUR 1 billion, bringing its total value to approximately EUR 8.6 billion in 2021 specifically for upstream activities. This trend is mirrored in private investment, which has seen a dramatic increase of almost 60% over the past decade. In this thriving scenario, European space startups have raised an impressive EUR 1.9 billion in private capital, thus securing their place at the forefront of innovation and competitiveness in space technology. The European Innovation Council (EIC) plays a pivotal role in supporting successful space ventures through its various funding instruments. With initiatives like the EIC Accelerator, EIC Pathfinder, and EIC Transition, the Council assists its beneficiaries in developing disruptive innovations from demonstration to commercialization. This multifaceted approach enables European space SMEs and startups to become competitive leading players in the rapidly evolving global space industry. Notable companies receiving such support include D-Orbit, ICEYE, and Endurosat. These beneficiaries are contributing to the steady growth anticipated in European earth observation and navigation sectors, which are expected to increase their market share significantly in the coming years. SPACE PORTFOLIO: ThrustMe Increasing the potential of satellites in space is crucial for the flourishing of the space industry. ThrustMe has emerged as a disruptive force within the sector with its alternative propellants for electric space propulsion. The company provides deeply integrated solutions for intelligent in-orbit space operations, which is essential not only for operational efficiency but also for enhancing the sustainability of satellite missions. ThrustMe’s advanced propulsion system enables satellites to achieve full orbital mobility throughout their entire lifetime in orbit. Its unique design meets stringent industrial production capacity requirements, setting a new benchmark in the propulsion technology field. Established in 2017, ThrustMe’s innovations have led to a robust patent portfolio, which includes proprietary and protected technologies, alongside an exclusive worldwide patent for its advanced propulsion technology. This innovative approach has made them a standout candidate for EIC Accelerator funding, blending grant and equity support to facilitate further development and market penetration. EIC Funding Opportunities The EIC offers critical funding opportunities for startups and SMEs through strategies like the EIC Accelerator application. This program is tailored to support high-impact innovations, with a variety of financing options from non-dilutive funding to equity investments. Companies interested in applying should familiarize themselves with the EIC Accelerator evaluation criteria, which includes the innovation’s potential impact, the team’s capabilities, and the business model’s viability. For those wondering how to apply for EIC Accelerator funding, it is essential first to ensure eligibility through the EIC funding guidelines. The EIC Accelerator proposal writing process requires a clear demonstration of how the innovation addresses market needs while also potentially disrupting existing sectors. Applicants are encouraged to utilize EIC Accelerator coaching services that provide guidance on application strategy and proposal enhancement. Best Practices and Future Outlook Adhering to best practices for EIC Accelerator application submissions can significantly improve the likelihood of success. Networking within the ecosystem, leveraging case studies of previous winners, and participating in workshops can offer valuable insights. The EIC Accelerator success rate is shaping up to be promising, especially as the European deep tech funding landscape becomes increasingly robust, providing ample opportunities for entrepreneurs. Additionally, the horizon for space technology is bright, with potential breakthroughs in areas such as satellite constellations for global internet coverage and advanced earth observation technologies. As we approach the EIC Accelerator application deadline 2025, it is crucial for startups to remain informed and prepared, ensuring they are ready to capitalize on the European startup funding opportunities that lie ahead. With continuous support from EIC initiatives, the European space sector is likely to maintain its trajectory of innovation and growth, solidifying its role as a leader in the global space economy.