finance and investment

Export-Import Bank Reports Nearly $2B in Space Tech Project Funding Applications

Stephen Renna, chief banking officer of the U.S. Export-Import Bank, has said the agency is reviewing credit financing applications worth almost 2B from companies that aim to develop space-based technologies, SpaceNews reported Wednesday.

He made the remarks at a Euroconsult-hosted virtual satellite industry event Tuesday and told attendees that Ex-Im also has a pipeline of business development opportunities valued at $1B.

Renna noted the export credit applications include projects outside typical initiatives the agency used to consider such as the construction and launch of geostationary-orbit communications satellites.

According to him, commercial viability is a key factor Ex-Im factors in when selecting ventures to support.

“Our role is to fill financing gaps that the private sector cannot fill,” he noted. “When you have export credit agencies in there taking early risks as lenders in the development stage, that can also draw in private sector lenders behind that to also fill in gaps.”

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