Space connectivity start-up Sateliot signed a €30 million loan agreement with the European Investment Bank, as it continues to push towards a goal of providing worldwide IoT connectivity from a constellation of 100 LEO birds.

The Spain-based company plans to provide 5G NB-IoT coverage to operators, which can in turn be used to connect devices in areas where traditional connectivity is unavailable.

It aims to connect more than 8 million devices in “rural, oceanic and other remote areas”.

Potential use cases cited by the satellite player include the farming sector for livestock management, maritime activities, fire control and environmental management applications.

Sateliot CEO and co-founder Jaume Sanpera said the latest cash, combined with other funding it received, gave a “huge boost to our development”.

He added the funds would help it “move forward with the next stage of our constellation and comes in addition to the income we will begin to receive in 2025 when the four satellites we already have in orbit enter commercial service”.