Glasgow-based satellite company wins £14.7 million investment from Scottish Enterprise
A Glasgow-based satellite company has won £14.7 million of investment from Scottish Enterprise as part of plans to help the business expand.
The investment, from Scottish Enterprise, will help Spire Global create more than 260 jobs in Scotland’s space sector.
Nicola Sturgeon announced the funding in the company, which builds, tests and operates nanosatellites tracking aviation, maritime and weather patterns.
The investment includes a £6.7m Regional Selective Assistance award from Scottish Enterprise and an £8m commercial convertible loan note from the economic agency’s investment arm, the Scottish Investment Bank.
It will enable it to move into new 40,000sq ft premises at Glasgow’s Skypark facility and increase its local workforce from 60 to 320 over the next five years.
The First Minister said: “Our space sector is already punching above its weight, with almost one fifth of all UK jobs in this industry based north of the border and Scotland producing more small satellites than any other country in Europe.
“This £14.7 million investment will help Spire Global develop its infrastructure and technologies, which in turn will create dozens of high-tech and highly skilled jobs and training opportunities in Scotland’s space sector.
“Only five years ago I announced Spire Global was creating 50 jobs by opening its office in Scotland - to see the rapid expansion of this innovative company shows the strength of our workforce and pool of talent coming from our world class universities.
“Spire Global’s expansion sends a strong message that even in these uncertain times, Scotland remains open for business and has the potential to be Europe’s leading space nation.”