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IRIS2
On December 16, 2024, the SpaceRISE consortium—formed by Eutelsat, Hispasat, and SES—agreed on the launch of IRIS² (Infrastructure for Resilience, Interconnectivity, and Security by Satellite), the European Commission, and the European Space Agency.
SpaceRISE will design, build, and operate this network of 290 new low-Earth orbit (LEO) and medium-Earth orbit (MEO) satellites for 12 years, expected to enter service in 2030. IRIS² is a flagship project of the European Union and aims to achieve an interconnected and secure Europe.
Through a public-private partnership model, IRIS² will benefit from €6.5 billion in public funding—representing around 60% of the project’s investments—from the European Commission, EU Member States, and the European Space Agency. This public investment will be complemented by private financing provided by the three consortium members.
Hispasat’s investment in IRIS² could reach up to €600 million, subject to the final constellation design and the verification of various parameters that must be confirmed at the project’s preliminary design milestone. This investment grants the company access to non-geostationary orbit capabilities in regions of high strategic interest and business relevance. This investment is intended to complement the product portfolio with which the Hispasat Group currently presents itself to the market, expanding its geographic and vertical business areas. Part of this investment is linked to accessing surplus capabilities in military bands or the incorporation of relevant payloads that must be analyzed and evaluated during the first year of the contract.
This commitment to multi-orbit solutions responds to the strategy defined by the company in its Strategic Plan and meets the financial principles required by its shareholders. Starting in 2025, Hispasat expects to generate revenue and EBITDA linked to the work related to the system design and acquisition phases.
Hispasat is responsible for designing, developing, and implementing the IRIS² ground segment; that is, all the facilities required for the management and operation of the constellation’s various orbital layers, as well as interconnection with ground networks. The ground segment will have different locations (control centers, service stations, remote command, and telemetry), ensuring the strict security and resilience requirements inherent in a government communications system such as this one.
Within the consortium, Hispasat assumes the role of responsible for the operation and provision of services to the Member States, which will include the identification of the service catalog, the design of the concept of operations, the procedures for its implementation, and the service provision schemes developed.
In addition, the company will lead the constellation’s very low orbital layer (Low LEO), designed to operate below 750 km altitude. It will host innovative missions, interconnected with the rest of the constellation, that will contribute to energizing the European startup and SME ecosystem and developing cutting-edge space solutions.