1 The EIC Accelerator Project

EIC Accelerator Program: An Overview

The EIC Accelerator is a prominent funding initiative under the European Innovation Council (EIC) designed to support innovative small and medium-sized enterprises (SMEs) and startups, particularly those engaged in deep technology sectors. The program aims to assist high-risk, high-potential companies in scaling their operations, facilitating their transition from groundbreaking ideas to market-ready products. The EIC Accelerator offers a blended finance approach, combining grants and equity investments, tailored to the unique needs of each project.

Funding Structure

The EIC Accelerator provides significant financial support through two main components: grants and equity investments.

Grants: Companies can receive up to €2.5 million in grants, which are intended to cover a portion of the costs associated with the development and commercialization of innovative products or services. These funds are non-dilutive, meaning they do not require the company to give up equity in exchange.
Equity Investments: In addition to grants, the program offers equity investments of up to €15 million until 2024, and this will decrease to a maximum of €10 million starting in 2025. This aspect of funding allows the EIC to support companies in their growth phases while benefiting from their future success.

Purpose and Impact on the Ecosystem

The EIC Accelerator plays a critical role in the European deep tech and startup ecosystem by bridging the funding gap that often exists for innovative projects in their early stages. By providing access to substantial financial resources, the EIC Accelerator empowers companies to scale efficiently, attract further investments from private sectors, and increase their market presence. This support not only fosters innovation but also enhances competitiveness within Europe, contributing to economic growth and job creation.

Support for Scaling Companies

The EIC Accelerator assists companies in refining their business models, developing go-to-market strategies, and securing additional funding from private investors. The comprehensive support extends beyond financial assistance, incorporating coaching, mentorship, and access to a vast network of industry experts. This multifaceted approach enables recipients to navigate challenges more effectively and enhances their chances of success in the competitive marketplace.

EIC Accelerator Winner: ION-X

Company Overview: ION-X is a French company that has emerged as a winner of the EIC Accelerator. The company specializes in advanced propulsion technologies for space applications, positioning itself at the forefront of innovation in aerospace.

Project Overview: The project, named HYPERION, focuses on developing "The Most Efficient Space Propulsion Ever Put in Space." This initiative aims to revolutionize space travel by providing a propulsion system that significantly enhances efficiency, potentially reducing costs and time associated with space missions.

Technology Basics and Background

The HYPERION project leverages cutting-edge propulsion technology designed to optimize fuel efficiency and thrust performance. Traditional propulsion systems often face limitations in terms of fuel consumption and thrust-to-weight ratios. ION-X's innovative approach aims to address these challenges by utilizing advanced ion propulsion technology, which operates by accelerating ions to generate thrust, thus requiring less fuel than conventional chemical propulsion systems.

The technology is grounded in the principles of electrostatics and electromagnetics, allowing for precise control over thrust and trajectory. The implications of such technology are profound, as it not only reduces the operational costs of launching missions but also enhances the ability to conduct longer-duration missions, especially in deep space exploration.

Conclusion

The EIC Accelerator program exemplifies a strategic investment in the future of European innovation, particularly in the deep tech sector. With ION-X and its HYPERION project, the initiative showcases the potential for groundbreaking advancements in space propulsion technology. Through substantial financial support and a robust framework for scaling, the EIC Accelerator continues to play an essential role in nurturing high-potential startups, fostering a culture of innovation, and contributing to the advancement of critical technologies in Europe.

2 The Funding Rounds

ION-X (France): Financing and Funding Round Details Since EIC Accelerator Funding

Company Overview

ION-X is a French deep-tech startup specializing in ion propulsion systems for small satellites. The company, a spin-off from CNRS and the Technofounders startup studio, develops patented ionic liquid electrospray thrusters designed to optimize satellite utilization and extend their lifespan. ION-X targets the rapidly growing market of small satellite constellations with a focus on efficient, scalable manufacturing in France.

Financing Raised

Total Known Funding: €19.3 million as of late 2024.
Recent Major Round: €13 million raised in December 2024.

Funding Rounds: Timing, Amounts & Investors

Date	Amount	Round	Key Investors
Dec 2024	€13 million	Series A	Expansion Ventures, Technofounders Participation, EIC Fund (European Innovation Council Fund), Île-de-France Region Reindustrialization Fund (managed by Innovacom)

Details:

The December 2024 Series A round was explicitly aimed at launching industrial production of ION-X’s ion thruster technology.
This round supports scaling production capacity up to 200 units per year by 2028 at a new facility in Île-de-France.
The funding also underpins growth plans for both domestic and international markets.

Earlier Rounds: There is no detailed public information on prior funding rounds or seed investments before the Series A; however, total known funding as of late 2024 stands at roughly €19.3 million—implying earlier grants or seed/angel rounds likely occurred but remain undisclosed in amount or timing.

Investor Information

The following investors participated in the recent major round: - Expansion Ventures: Existing investor

Technofounders Participation: Existing investor/startup studio partner
EIC Fund (European Innovation Council): Provided equity investment via blended finance structure following November 8th, 2023 EIC Accelerator cut-off win
Île-de-France Region Reindustrialization Fund (managed by Innovacom): New institutional investor focused on regional industrial development

Company Valuation

As of May 2025:

There are no public disclosures regarding specific post-money or pre-money company valuations from any completed rounds.

Exit Events: IPOs & Acquisitions

As of May 2025:

No initial public offering (IPO), acquisition, buyout events or related exit announcements have been reported for ION-X.

Summary Table: Recent Major Funding Activity

Date	Round	Amount	Notable Investors
Dec. 10, '24	Series A	€13M	Expansion Ventures; Technofounders Participation; EIC Fund; Île-de-France Region / Innovacom

No other disclosed exit event or valuation figures exist as of this reporting period.

Sources

3 The Press Releases

ION-X: A French Propulsion Startup

ION-X is a French start-up specializing in the development of advanced ion propulsion systems for small satellites. Founded in 2021, the company emerged from a collaboration between the Centre for Nanoscience and Nanotechnology (C2N) and Airbus Defence and Space. ION-X was awarded funding as part of the European Innovation Council's (EIC) Accelerator programme in February 2024, following a successful proposal submission in November 2023.

Technology Advancements

ION-X focuses on ionic liquid electrospray thrusters, which represent a novel approach to space propulsion. These thrusters are designed to provide efficient and reliable propulsion systems for small satellites and constellations. The company's technology aims to contribute to sustainable, innovative, and cost-effective space missions.

Funding and Partnerships

Following its EIC Accelerator funding, ION-X secured an additional €13 million in December 2024 to industrialize its ion thrusters. This funding round included contributions from existing investors such as Expansion Ventures and Technofounders Participation, as well as new backers including the European Innovation Council Fund and the Île-de-France Region through its Reindustrialization Fund.

ION-X has also partnered with CNES, the French space agency, signing a contract to deliver three propulsion systems for ground testing and in-flight performance verification. The company plans to establish a production facility in the Île-de-France region, aiming to produce 200 thrusters annually by 2028.

Team Updates

The company is led by its CEO, Thomas Hiriart, who emphasizes the importance of the recent funding in accelerating ION-X's growth in the rapidly expanding space sector.

Press Releases and Updates

ION-X regularly updates its website with news about funding rounds, partnerships, and technological advancements. The company's latest press releases highlight its progress in industrializing its ion thrusters and expanding its market reach.

Patents

There is no specific information available on patents held by ION-X in the provided sources.

Press Releases on Website or Social Media

ION-X's website and social media accounts are not detailed in the available sources, but they likely host updates on company news, partnerships, and technological developments.

Sources: - The start-up ION-X wins EIC Accelerator funding

4 The Technology Advancements

ION-X's Post-EIC Accelerator Progress in Space Propulsion

Since securing EIC Accelerator funding in February 2024 (announced publicly on February 28, though the query references a November 2023 cut-off date for proposal submission), ION-X has advanced its ionic liquid electrospray thruster technology and achieved key operational milestones:

1. Technology Advancements and Industrialization

Production Scaling: ION-X secured €13 million in December 2024 to industrialize its thrusters, targeting 10 units/month by 2026 and 200 annually by 2028.
Localized Supply Chain: The company centralizes production in Île-de-France, sourcing propellant domestically to reduce dependencies.
Technical Validation: Its thrusters utilize ionic liquid electrospray technology for higher stability and efficiency compared to traditional systems, with CNES validating performance through ground testing.

2. Market Demonstrations

CNES Partnership: Signed a development contract with CNES in May 2024 to deliver three propulsion systems by late 2025 for ground and orbital testing.
In-Orbit Demonstration: Launched its first thruster aboard a Space Inventor satellite via SpaceX Falcon 9 in early 2025, initiating a six-month performance validation phase.

3. Collaborative Projects

Participated in the ESA Zero Debris Charter consortium (March 2025) alongside AIKO and Aldoria to integrate AI-driven collision avoidance with propulsion systems for CubeSats.

4. Intellectual Property & Publications

While explicit details about new patents or publications are unavailable from public records, ION-X’s technology is based on patents jointly developed with CNRS and CNES prior to the EIC funding round. No recent whitepapers or clinical trials are reported (clinical trials are not applicable here).

Sources Used:

ION-X raises €13 million | Dec. 10, 2024
CNES as first customer | May 19, 2024
ESA consortium announcement | March 18, 2025 (PDF)
EIC Accelerator award | Feb. 28, 2024

5 The Partnerships and Customers

ION-X's Partnerships and Customers

ION-X, a French company specializing in innovative space propulsion systems, has established several key partnerships and customer relationships since receiving funding from the European Innovation Council (EIC) in November 2023. Here are some of the notable entities and relationships:

Partnerships

ESA Consortium: ION-X has partnered with Space Inventor, Aldoria, and AIKO as part of a consortium selected for the European Space Agency's (ESA) Open Space initiative, focusing on a Zero Debris approach. This partnership aims to enhance space sustainability by developing smarter and more autonomous space traffic management systems.
Technofounders: ION-X is backed by Technofounders, a startup studio that supports its strategic development and industrial scaling plans.
CNES: ION-X signed a development contract with CNES, the French space agency, to deliver ionic liquid electrospray thrusters for ground testing and in-flight performance verification.

Customers

CNES: CNES is ION-X's first customer, with a contract for the delivery of three thruster units as part of a two-year development agreement.

New Partners and Customers

While there are no new customer announcements beyond CNES, ION-X's partnerships and funding from entities like the European Innovation Council (EIC) Fund and the Île-de-France Region indicate an expansion of its network and support base.

Nature of Relationships and Purpose

The partnerships and customer relationships are focused on advancing ION-X's technology and scaling its operations:

Technological Advancements: Collaborations with CNES and involvement in the ESA consortium enhance ION-X's technological capabilities, particularly in ionic propulsion systems and sustainable space practices.
Scaling: Funding from the EIC and other investors supports ION-X's industrialization plans, aiming for a production capacity of 200 thrusters annually by 2028.
Market Positioning: These relationships position ION-X as a key player in space mobility, particularly for small satellites and constellations, by offering innovative propulsion solutions that are efficient, lightweight, and modular.

Impact on Market Positioning

ION-X's partnerships and customer relationships will strengthen its market position by:

Enhancing its credibility through collaborations with major space agencies and European innovation funds.
Expanding its production capabilities to meet growing demand for advanced propulsion systems in the space sector.
Contributing to sustainable space practices through participation in initiatives like the ESA's Zero Debris approach.

Technology Advancements and Scaling

These relationships will aid ION-X in technology advancements by providing access to expertise and resources from partners like CNES. Additionally, funding supports the scaling of production, enabling ION-X to meet the increasing demand for efficient propulsion systems in the space industry.

Sources: - ION-X | Unlock your on-orbit potential

6 The Hiring and Company Growth

ION-X's Team Growth and Scaling Strategy Post-EIC Accelerator Funding Since securing EIC Accelerator funding in late 2023 and closing a €13 million round in December 2024, ION-X has accelerated its transition from R&D to industrialization. While exact headcount figures remain undisclosed, the company is actively scaling its workforce to meet production targets of 10 thrusters/month by 2026 and 200 thrusters/year by 2028.

Key Developments

Industrial Expansion: The new funding will establish a production facility in Île-de-France, requiring hires across manufacturing, engineering, and supply chain roles.
Leadership: CEO Thomas Hiriart leads the team, which operates from CNRS-affiliated labs in Saclay. No recent management changes are reported.
Hiring Focus: Positions likely include propulsion engineers, production specialists, and supply chain managers to support domestic propellant sourcing and thruster assembly.

Strategic Impact of New Hires

The scale-up directly addresses rising demand from satellite constellation operators seeking compact ion propulsion. By localizing its supply chain (propellant sourced in France) and optimizing manufacturing processes, ION-X aims to reduce lead times for clients—critical for constellations requiring rapid deployment. The company’s patented ionic liquid electrospray technology positions it as a frontrunner for small satellites (10–150 kg), with real-time thrust adjustability enhancing mission flexibility.

Sources

7 The Media Features and Publications

Media Features and Publications

ION-X, a French propulsion startup, has gained significant media attention for its innovative ionic liquid electrospray thrusters designed for small satellites. The company's breakthrough technology has been highlighted in various publications, including Aviation Week, Payload Space, and European Spaceflight.

European Spaceflight reported on ION-X's €13 million funding round in December 2024, which aims to scale up the production of its thrusters. This funding included contributions from historic investors and new stakeholders like the European Innovation Council (EIC) Fund.
Aviation Week featured ION-X's plans to deliver its first commercial motor in 2026, emphasizing its potential for satellite deorbiting.
Payload Space covered ION-X's initial €3.8 million funding in June 2022, highlighting its mission to develop scalable small satellite propulsion systems.

Content from Publications

Publications have focused on ION-X's unique technology and its potential impact on the space industry. The company's thrusters are noted for their efficiency, offering unmatched thrust and fuel efficiency compared to other systems in the same class. They utilize non-toxic and non-pressurized ionic liquid, which remains in a liquid state across a wide temperature range, simplifying the propulsion system's operation.

Podcasts and Interviews

While specific podcasts featuring ION-X are not detailed in the available information, the company's CEO has been involved in presentations and discussions. For instance, Thomas Hiriart, CEO of ION-X, participated in a presentation discussing the potential of scientific breakthroughs to solve grand challenges and shape a sustainable future.

Conference and Fair Visits

ION-X has participated in significant events within the space industry. Notably, Jacques Gierak, a co-founder and world expert in ion sources, highlighted the technology's potential at the International Electric Propulsion Conference 2022 in Boston.

Involvement in Events

ION-X has been actively involved in various events and collaborations, including partnerships with major players like Airbus Defence and Space (ADS) and the French aerospace agency CNES. These collaborations are part of broader initiatives to enhance space mobility and support industrial recovery within the French economy.

EIC Accelerator Funding

ION-X received funding from the European Innovation Council (EIC) Fund as part of its Serie A round in 2023, which was crucial for accelerating the development and industrialization of its ionic thrusters. This funding marked a significant milestone for the company, positioning it for rapid growth in the space propulsion sector.

Sources:

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