Alongside the official launch of the grand duchy’s space agency, Luxembourg announced the creation of a €100m fund to invest in space technology start-ups.

Etienne Schneider, Luxembourg Deputy Prime Minister, Minister of the Economy, told that unlike America’s Nasa, the new Luxembourg Space Agency would not carry out launches but its focus would be on “developing business activities in space”.

The venture fund will target start-ups that are developing technologies focused on space, including navigation. Luxembourg will take a 30-40 per cent stake in the fund, with the balance coming from a number of international companies. “We are creating a microcosm of this activity in Luxembourg,” Mr Schneider said. sources