Space Tech Firm Invest in Glasgow
Space tech firm Spire Global secures £14million funding; set to create additional 260 jobs in Glasgow in the next five years.
12:14 29 September 2019
San Francisco-headquartered space tech firm Spire Global is set to create 260 new jobs in Glasgow in the next five years after securing £14.7million funding for expansion. The company’s UK office currently employs 60 people who build, test and operate nanosatellites that monitor aviation, maritime and weather patterns.
The money comprises an £8 million commercial convertible loan note from the Scottish Investment Bank and a £6.7 million of Regional Selective Assistance funding.
First Minister Nicola Sturgeon said: "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.
"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."