The UK government is set to invest €163mn in French satellite company Eutelsat, joining a broader initiative to reduce dependence on Elon Musk's Starlink. This follows a €717mn investment from the French state, contributing to a total funding package of €1.35bn intended to support Eutelsat amid its significant net debt of €2.6bn. Eutelsat operates a large satellite communications fleet, and the funding aims to strengthen its role in European satellite connectivity and support the upcoming IRIS2 satellite internet constellation project, anticipated for activation in 2030.
The investment from the UK government of €163mn in Eutelsat is part of a larger funding effort, highlighting Europe's push against reliance on services like Starlink.
Eutelsat's recapitalization effort is aimed at reducing debts and enhancing capabilities within the satellite technology sector, crucial for European digital sovereignty.
French President Emmanuel Macron expressed gratitude towards the UK for supporting Eutelsat, emphasizing the collaboration needed to strengthen Europe’s satellite communications.
French Finance Minister Eric Lombard noted that the strategic investment in Eutelsat is part of a mission to establish a competitive and resilient space industry in Europe.
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