Luxembourg is to launch a fund to invest in high financial return activities linked to the satellite sector, with a Luxembourg satellite operator the sole contributor. The Luxembourg government reached an agreement with SES to renew its concession to operate satellites flying under the Luxembourg jurisdiction for 20 years.
A condition of the agreement is that SES will contribute up to €7m per year to the fund, starting in 2022.
“The fund SES will be contributing to starting from 2022 is aimed to support and strengthen the Luxembourg space sector as well as benefit the wider local economy,” SES spokesperson told. “The fund will be mainly supporting activities with attractive financial returns, and also some relevant activities with indirect return, such as scientific research or reducing the digital divide. The fund will be launched only in 2022, when the new concession will enter into force,” Goerens, executive manager for electronic communications, said.
SES was founded on the initiative and with the support of the Luxembourg government in 1985 as the Société Européenne des Satellites. The Luxembourg state holds 5.7% of shares.