Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Finance > Europe looks to Nordic space race to scale back US dependence
    Finance

    Europe looks to Nordic space race to scale back US dependence

    Europe looks to Nordic space race to scale back US dependence

    Published by Global Banking and Finance Review

    Posted on July 10, 2025

    Featured image for article about Finance

    By Johan Ahlander

    KIRUNA, Sweden (Reuters) -Two small spaceports in the far north of Sweden and Norway are racing to launch the first satellites from mainland Europe into space as the region looks to reduce its reliance on U.S. players.

        U.S. President Donald Trump's "America First" policies and the war in Ukraine have prompted Europe to ramp up its independent capabilities in a variety of areas, including defence and space operations.

    Amid fears that Elon Musk - Trump's one-time ally - could limit Ukraine's access to SpaceX's 7,000 Starlink satellites that are vital for the country's communications, Europe has been rushing to find alternatives.

    But there's a mountain to climb.

    In 2024, the U.S. carried out 154 launches of hardware into orbit, while Europe managed just three. Out of $143 billion in global public investment in space ventures last year, Europe accounted for only 10%, an EU study shows.

    The trend towards lower Earth orbit satellites - which are cheaper and offer better connections but need to be deployed in larger numbers to maximise coverage - also poses challenges.

    A Goldman Sachs report estimates that 70,000 LEO satellites could be launched in the next five years, a tenfold increase.

        "We've lost (in) competition to, let's say, Elon Musk ... and definitely we need to have our (own) autonomous launching possibilities," Andrius Kubilius, European Commissioner for Defence and Space, told Reuters.

    "That's why the development of launching possibilities on the European continent, both in Sweden and Norway, is very important."

    Europe's only spaceport is in French Guiana, South America, some 7,000 kilometres (4,350 miles) from Paris. Europe successfully launched its new Ariane 6 rocket from there earlier this year, more than 10 years after it was commissioned and five years later than originally planned. 

        While it can carry a bigger payload per rocket than SpaceX's Falcon 9, Ariane 6 is not reusable and has a higher cost per launch. It is also not nearly enough to meet Europe's commercial and military needs in coming years.

    That's where the budding Nordic spaceports come in.

    RARE ADVANTAGE

    Situated 200 kilometres above the Arctic circle, near where the borders of Sweden, Finland, Norway and Russia converge, the Esrange Space Centre is unusual in Europe in offering 5,200 square kilometres (2,008 square miles) of uninhabited land.

        Surrounded by boglands, rivers and with the snow-clad peaks of Sweden's tallest mountain in the distance, Esrange is close to Kiruna, home to one of the world's largest underground iron ore mines, providing ready access to railroads and an airport.

        The area, more than three times the size of London, is shared only by the spaceport and the reindeer herds of Sweden's indigenous Sami, making it suitable for recovering rocket parts. It has little light pollution and is easy to close to air traffic. 

        "It is unique, having a large land-based area such as the one we have here," said Lennart Poromaa, head of the Esrange Space Center, which has about 130 employees.

    Esrange, part of the state-owned Swedish Space Corporation, was established in 1964 and launched its first sounding rocket - a research rocket that does not go into orbit - a couple of years later. It was inaugurated as mainland Europe's first orbital launch site by European Commission President Ursula von der Leyen in 2023. 

        Preparations for orbital launches are well underway, with a new set of bigger launch pads, hangars and research facilities being readied.

    https://www.datawrapper.de/_/GqkUg/?v=2

    Together with Andoya Spaceport, an island base in northern Norway, it represents Europe's best hope of securing independent access to space in the coming years. Andoya is majority-owned by the Norwegian state, with defence firm Kongsberg holding a 10% stake.

        In March, Andoya conducted the first test launch of a small rocket made by German startup ISAR Aerospace that can carry a payload of around 1,000 kilograms (2,205 pounds). It flew for 30 seconds before falling into the sea in what was deemed a success.

        Daniel Metzler, CEO and co-founder of ISAR, said interest from defence ministries in the last six months had been huge and that ISAR's flights were being filled for the coming years, even before a first successful orbital launch.

    "Frankly, I think probably the biggest driver was Trump getting elected once again. And as such, Trump probably did more for European defence than any European politician before him. It really created a huge sense of urgency," he said.

    ISAR is aiming for the first commercial flights to take place next year.

    AGGRESSIVE TIMELINES

    Andoya, visited by a NATO delegation this month, has a licence for 30 launches per year. Esrange has not set a fixed target but will also fill an important need for NATO in providing rapid launch capacity.

    Unlike Andoya, Esrange has opted for existing hardware, signing contracts with U.S. rocket manufacturer Firefly and South Korea's Perigee, giving it multiple potential options.

    Firefly, which plans to launch from Esrange from 2026, has a rapid response service that aims to be able to send rockets into space at 24 hours' notice to meet urgent needs, such as replacing a failing satellite. 

        "I think Europe needs to look at similar or even more aggressive timelines," a NATO official told Reuters, speaking on condition of anonymity.

    All of the rocket suppliers are developing partially reusable rockets, with ISAR's due to be tested at Esrange.

    But there is much work to do across the board.

    "You need to get all the technical systems in place and then there will be quite a lot of testing and trialling," said Esrange's Poromaa. "Within a year or so, we'll probably have the entire base ready."

    (Reporting by Johan Ahlander. Editing by Niklas Pollard and Mark Potter)

    Related Posts
    KNDS, Leonardo to develop new mobile artillery system together
    KNDS, Leonardo to develop new mobile artillery system together
    BBC says it will fight Trump lawsuit over edited speech
    BBC says it will fight Trump lawsuit over edited speech
    TotalEnergies to sell stake in Malaysian gas block to Thailand's PTTEP
    TotalEnergies to sell stake in Malaysian gas block to Thailand's PTTEP
    US dollar close to multi-week lows versus euro and yen before US data
    US dollar close to multi-week lows versus euro and yen before US data
    Dassault Aviation CEO unsure if FCAS fighter will go ahead
    Dassault Aviation CEO unsure if FCAS fighter will go ahead
    Europe's leaders and laggards in electric vehicle sales
    Europe's leaders and laggards in electric vehicle sales
    EU members bordering Russia push for enhanced security at Helsinki meeting
    EU members bordering Russia push for enhanced security at Helsinki meeting
    Netherlands will host International Claims Commission for Ukraine, minister says
    Netherlands will host International Claims Commission for Ukraine, minister says
    EU to widen carbon border levy to close loopholes on polluting goods, draft shows
    EU to widen carbon border levy to close loopholes on polluting goods, draft shows
    UK's Serica Energy to buy Southern North Sea assets for $76 million
    UK's Serica Energy to buy Southern North Sea assets for $76 million
    World Bank, Vakifbank to mobilise up to $1.7 billion for Turkey's small businesses
    World Bank, Vakifbank to mobilise up to $1.7 billion for Turkey's small businesses
    SThree shares jump as US market rebounds, guidance confirmed
    SThree shares jump as US market rebounds, guidance confirmed

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    More from Finance

    Explore more articles in the Finance category

    Global insured catastrophe losses set to hit $107 billion in 2025, report shows

    Global insured catastrophe losses set to hit $107 billion in 2025, report shows

    'Shadow banking' growing at double the rate of traditional lenders, FSB says

    'Shadow banking' growing at double the rate of traditional lenders, FSB says

    UK jobs market slows further as Bank of England considers rate cut

    UK jobs market slows further as Bank of England considers rate cut

    UK firms see some relief after Reeves' budget, PMIs show

    UK firms see some relief after Reeves' budget, PMIs show

    China lowers EU pork tariffs in final ruling after 18-month probe

    China lowers EU pork tariffs in final ruling after 18-month probe

    European defence stocks slide amid progress in Ukraine peace talks

    European defence stocks slide amid progress in Ukraine peace talks

    European stocks fall as traders wait for US jobs data, dollar steady

    European stocks fall as traders wait for US jobs data, dollar steady

    Morning Bid: Markets in Grinch-y mood before data deluge

    Morning Bid: Markets in Grinch-y mood before data deluge

    Holcim makes biggest Latin American acquisition with deal for Peru's Cementos Pacasmayo

    Holcim makes biggest Latin American acquisition with deal for Peru's Cementos Pacasmayo

    UK's IG Group anticipates 2026 revenue growth near mid-point of guided range

    UK's IG Group anticipates 2026 revenue growth near mid-point of guided range

    App developers urge EU action on Apple fee practices

    App developers urge EU action on Apple fee practices

    Kering sells majority stake in New York property in $900 million deal 

    Kering sells majority stake in New York property in $900 million deal 

    View All Finance Posts
    Previous Finance PostMorning Bid: Markets shaken, not stirred by Trump's tariffs
    Next Finance PostNorway's savings banks grow bolder, turning up the heat on DNB