1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups that are developing groundbreaking innovations in various sectors, particularly in DeepTech. This initiative aims to bridge the funding gap that many innovative companies face, especially during the critical stages of scaling their operations and bringing their products to market. The program provides a combination of grant funding and equity investment, enabling companies to leverage financial support while maintaining a degree of control over their operations.

Funding Structure

The EIC Accelerator offers a unique blended finance model that combines grants and equity investments. Companies can receive grants of up to €2.5 million, which are typically used for research and development, prototyping, and other non-revenue-generating activities. In addition to grants, the program also provides equity funding, which can reach up to €15 million until 2024. Starting in 2025, the equity investment cap will adjust to €10 million. This financial support is crucial for startups aiming to scale their operations, as it helps cover the costs associated with commercialization and market entry.

Purpose in the European DeepTech and Startup Ecosystem

The EIC Accelerator plays a vital role in fostering innovation within the European DeepTech ecosystem. By providing substantial funding to high-risk, high-potential projects, the program encourages entrepreneurs to pursue ambitious ideas that could significantly impact various industries, including space, health, and renewable energy. This initiative helps stimulate economic growth, job creation, and technological advancement across Europe, promoting a competitive edge in the global market.

Moreover, the EIC Accelerator facilitates access to private sector funding by enhancing the credibility of supported companies. When backed by the EIC, businesses can attract additional private investments, as the association with a reputable European program signals potential viability and innovation.

Case Study: THRUSTME and the EMBRACE II Project

Company Overview: THRUSTME

THRUSTME, based in France, is at the forefront of developing advanced space propulsion systems. The company has established itself as a pioneer in the field of electric propulsion, offering innovative solutions for satellite and spacecraft applications. With a commitment to enhancing propulsion efficiency and performance, THRUSTME aims to revolutionize how space missions are conducted.

Project Overview: EMBRACE II

THRUSTME's EIC Accelerator project, known as EMBRACE II, focuses on ramping up the production capacity of its groundbreaking space propulsion systems. This project is critical for the company as it seeks to meet the growing demand for efficient and sustainable propulsion technologies in the aerospace sector. EMBRACE II aims to enhance the manufacturing processes and scale up production to accommodate a wider array of missions and customers.

Technology Basics and Background

The core technology developed by THRUSTME revolves around electric propulsion systems, specifically focused on the use of ion thrusters. These systems utilize electric fields to accelerate ions, producing thrust with significantly higher efficiency compared to traditional chemical propulsion methods. The advantages of electric propulsion include reduced propellant consumption, longer operational lifetimes for satellites, and the ability to execute complex maneuvers with precision.

THRUSTME's innovative propulsion solutions are designed to cater to various applications, including small satellite missions, deep space exploration, and in-orbit servicing. The EMBRACE II project will not only enhance the company's production capabilities but also contribute to the broader goals of sustainable space exploration by minimizing the environmental impact associated with traditional propulsion technologies.

In conclusion, the EIC Accelerator program serves as a vital enabler for innovative companies like THRUSTME, providing essential funding and support to help them scale their operations and bring transformative technologies to market. Through projects such as EMBRACE II, the program reinforces Europe's position as a leader in the DeepTech sector, fostering a culture of innovation and technological advancement.

2 The Funding Rounds

ThrustMe (France): Funding and Financing Overview Since EIC Accelerator Award

Financing Raised

ThrustMe, a French deep-tech company specializing in electric propulsion systems for satellites, has raised an estimated total of $6.9 million across multiple funding rounds since its founding in 2017. The company's funding history includes grants and investments from both private and public sources.

Funding Rounds: Timing and Amounts

• June 17, 2017: Grant (amount not specified)
• June 20, 2017: Angel round (amount not specified)
• March 14, 2018: Grant II (amount not specified)
• August 9, 2018: Unattributed round – $2.8 million

Additionally: - October 2021: ThrustMe received a €2 million grant from the European Innovation Council as part of the EIC Accelerator program following their successful Step 3 interview after submitting their proposal on October 6th, 2021. This award is part of Horizon Europe’s support for breakthrough innovation.

The total amount raised via disclosed rounds up to August 2018 was $6.9 million; subsequent major publicized financing is the €2 million EIC grant in late 2021.

Investor Information

ThrustMe’s key investors include:

• European Commission / Horizon Europe / Horizon 2020
• Agoranov
• Urania Ventures
• Global Space Ventures
• SATT Paris-Saclay

Other early-stage investors include individual angel investors based in France.

The European Commission invested through the EIC Accelerator program as part of ThrustMe's most recent high-profile round post-cutoff date.

Company Valuations

Estimates from Dealroom.co placed ThrustMe's enterprise valuation between $7–11 million as of June 2017; there have been no more recent or publicly disclosed official valuations since then. Financial analytics platforms currently estimate annual revenue around $7–$8M USD but do not provide updated post-funding valuation figures.

Exit Events (IPO/Buyout/Acquisition)

As of April 2025:

There have been no reported exit events such as IPOs or acquisitions involving ThrustMe.

The company remains privately held with its headquarters near Paris and continues expanding production capacity to meet rising demand for satellite mobility solutions leveraging its iodine-fueled electric propulsion technology.

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Sources

• ThrustMe company information, funding & investors - Dealroom.co
• ThrustMe Stock Price, Funding, Valuation - CB Insights
• ThrustMe company information & investors | South Moravia
• CB Insights - ThrustMe Profile
• Parsers VC – ThrustMe Funding & Investors
• Growjo – Company Revenue Data

3 The Press Releases

Overview of ThrustMe

ThrustMe is a French aerospace company specializing in advanced in-orbit propulsion systems for the space industry. Founded in 2017 by Ane Aanesland and Dmytro Rafalskyi, it is headquartered in Verrières-le-Buisson, France, and has been at the forefront of innovative propulsion technologies, particularly in the use of iodine as a propellant.

Technology Advancements

ThrustMe has made significant strides in space propulsion technology. In 2019 and 2020, it successfully demonstrated the first in-orbit use of iodine-fueled electric propulsion systems aboard satellites, marking a crucial milestone in the industry. This technology offers high performance, low costs, and safe operations, making it ideal for small satellite constellations and sustainable space missions.

Partnerships and Market Expansion

In early 2025, ThrustMe entered the North American market, securing partnerships with ten prominent companies in the U.S. and Canada, including Starfish, Astro Digital, Magellan Aerospace, Lumen Orbit, Oligo, Turion Space, and Terran Orbital. This achievement highlights ThrustMe's ability to adapt to customer needs and deliver scalable solutions in a highly competitive market.

Production and Orders

Since starting industrial production in mid-2023, ThrustMe has delivered over 150 propulsion systems, with 67 operational in space. The company has secured orders for more than 350 units of its NPT30 propulsion system, indicating strong demand for its iodine-based technology. In October 2023, ThrustMe surpassed 200 orders, doubling its order book within just four months, reflecting its rapid growth and the industry's demand for sustainable mobility solutions.

Team Updates

In June 2024, ThrustMe appointed Pia Decarsin as its Head of Marketing and Communications, bringing over a decade of experience in strategic communications and media relations. Her role is crucial in enhancing the company's global brand visibility and stakeholder engagement as it transitions from product development to market leadership.

EIC Accelerator Funding

ThrustMe received EIC Accelerator funding after a successful proposal in October 2021. This support has been instrumental in driving its innovative propulsion technologies forward, enabling the company to expand its operations and strengthen its position in the global space industry.

Press Releases and Updates

ThrustMe regularly publishes updates on its achievements, partnerships, and technological advancements on its website. Recent press releases highlight its entry into the North American market and significant production milestones, demonstrating its commitment to transparency and communication with stakeholders.

Sources

• ThrustMe: Advanced In-Orbit Propulsion Systems
• ThrustMe Breaks Into The North American Market With Leading Space Industry Players
• ThrustMe Announces Decarsin as Marketing and Comms Head
• ThrustMe Breaks Into the American Market With Key Partnerships
• ThrustMe surpasses 200 orders and doubles propulsion system orders in just four months

4 The Technology Advancements

ThrustMe: Current Capabilities and Advancements

ThrustMe, a French deep-tech space company, specializes in designing and manufacturing advanced in-orbit propulsion systems for the industrial space era. Founded in 2017, the company has made significant strides in the development and deployment of its innovative propulsion technologies.

Current Capabilities

ThrustMe offers a portfolio of game-changing turnkey electrical propulsion systems, including the world’s first iodine-fueled electric propulsion system demonstrated in space. The company's flagship product, the NPT30-I2, is a compact 1U-sized propulsion system utilizing gridded ion thruster technology. It boasts a modular design encompassing the ion thruster, power processing unit (PPU), propellant storage, feed system, passive thermal management, and intelligent operation control. This technology has been successfully tested in space and delivered to clients worldwide, marking ThrustMe as a leader in sustainable space exploration.

Advancements Since EIC Accelerator Funding

After receiving funding from the EIC Accelerator in October 2021, ThrustMe has continued to expand its capabilities and presence in the global market. The company has achieved significant milestones, including:

• Increased Production Capacity: By mid-2023, ThrustMe began industrial-scale production, delivering over 150 propulsion systems, with 67 operational in space by early 2025. It has also secured orders for more than 350 of its NPT30 propulsion systems, signaling growing confidence in its technology.
• Market Expansion: ThrustMe successfully entered the North American market, securing partnerships with ten prominent U.S. and Canadian companies, including Starfish, Astro Digital, and Magellan Aerospace. This expansion reflects the company's adaptability to unique customer requirements and its ability to meet ambitious timelines.
• Innovative Technology Deployment: ThrustMe’s iodine-fueled electric propulsion units are being used for various missions, such as Magellan Aerospace’s Canadian government satellite and Lumen Orbit’s VLEO mission for space-based data centers. These deployments demonstrate the maturity of ThrustMe's technology in supporting complex space missions.

Technology Improvements and Demonstrations

ThrustMe has continued to improve its technology by enhancing the scalability and reliability of its propulsion systems. The company has demonstrated its technology through successful in-orbit operations and by adapting to customer-specific needs. For instance, ThrustMe delivered propulsion systems ahead of schedule to Starfish and provided iodine-fueled units for Magellan Aerospace's satellite mission.

Patent Filings and Scientific Studies

While there is no specific information available on new patents filed or scientific studies published by ThrustMe since receiving the EIC Accelerator funding, the company remains at the forefront of iodine-based propulsion research. It is collaborating with other entities, such as ONERA and Airbus Defence & Space, to further explore iodine’s potential for satellite propulsion, addressing the limitations of traditional propellants like xenon and krypton.

Future Prospects

As the space industry moves towards launching around 30,000 satellites over the next decade, ThrustMe is well-positioned to meet the increasing demand for sophisticated in-orbit maneuver capabilities. Its ability to deliver reliable and scalable propulsion solutions aligns with the industry's rapid growth and technological advancements.

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Sources: - ThrustMe Breaks Into The North American Market With Leading Space Industry Players

• ThrustMe: Advanced In-Orbit Propulsion Systems
• ThrustMe Breaks Into the American Market With Key Partnerships
• ThrustMe exceeds 100 orders for propulsion systems
• THRUSTME - French Space Days - Business France
• ThrustMe Reaches First Year Production Milestone, Expanding its Global Market Reach
• ONERA, ThrustMe + Airbus Defence & Space explore iodine-based propulsion for satellites
• Our Missions - ThrustMe: Advanced In-Orbit Propulsion Systems

5 The Partnerships and Customers

ThrustMe: Expanding Horizons in Space Propulsion

ThrustMe, a French company specializing in advanced in-orbit propulsion solutions, has made significant strides in the space industry since its inception. Notably, it received EIC Accelerator funding in October 2021, marking a pivotal moment in its growth trajectory. Since then, ThrustMe has successfully expanded its operations, particularly in North America.

Partnerships and Customers

ThrustMe has established partnerships with 10 prominent U.S. and Canadian companies. Key customers include Starfish, Astro Digital, Magellan Aerospace, Lumen Orbit, Oligo, Turion Space, and Terran Orbital. These partnerships underscore ThrustMe's ability to adapt to unique customer requirements, such as delivering propulsion systems ahead of schedule for Starfish and providing iodine-fueled electric propulsion units for Magellan Aerospace’s Canadian government satellite mission.

New Partners and Customers

While the current list of partners is highlighted, ThrustMe's rapid expansion suggests that it continues to attract new customers. However, specific names of new partners or customers beyond the existing list are not detailed in recent reports.

Nature of New Relationships

ThrustMe’s partnerships are focused on providing reliable and scalable propulsion solutions for the evolving needs of the space industry. These collaborations are crucial as they leverage ThrustMe's innovative iodine-based propulsion systems, which offer efficient and compact thruster solutions for small satellites. The nature of these relationships is centered around meeting the growing demand for sophisticated in-orbit maneuver capabilities, which are essential for the thousands of satellites expected to launch over the next decade.

Market Positioning

These new relationships position ThrustMe as a leader in the space propulsion sector, particularly in North America, where it has successfully entered despite the market's competitiveness. By forging strong partnerships, ThrustMe enhances its market presence and demonstrates its capability to deliver cutting-edge technology tailored to the industry's rapid growth.

Technology Advancements and Scaling

The partnerships and customer relationships are instrumental in driving technology advancements and scaling for ThrustMe. By working closely with diverse customers, the company gains valuable insights into specific mission requirements, which helps refine its propulsion systems. Additionally, the demand from these partnerships pushes ThrustMe to scale its production efficiently, aiming for a production capacity of one unit per day by 2025.

ThrustMe's success in securing over 350 orders for its innovative NPT30 propulsion system indicates growing confidence in its technology and further accelerates its expansion plans. This rapid scaling is facilitated by an agile development approach and efficient production processes, allowing the company to meet the robust demand of the space industry.

Conclusion

ThrustMe's strategic partnerships and customer relationships have been pivotal in its expansion into new markets and in advancing its propulsion technology. The company's focus on iodine-based systems offers a unique solution to the challenges faced by satellite operators, positioning ThrustMe for continued growth and innovation in the space industry.

Sources

• ThrustMe Breaks Into The North American Market With Leading Space Industry Players
• ThrustMe Breaks Into the American Market With Key Partnerships
• ThrustMe – Successful Expansion into North America
• ThrustMe surpasses 200 orders and doubles propulsion system orders in just four months
• ThrustMe Reaches First Year Production Milestone, Expanding its Global Market Reach
• ThrustMe exceeds 100 orders for propulsion systems

6 The Hiring and Company Growth

ThrustMe: Team Growth and Hiring

ThrustMe, a French company specializing in advanced in-orbit propulsion systems, has been experiencing significant growth since receiving EIC Accelerator funding in October 2021. Here's an overview of their team expansion and hiring activities:

Current Headcount and Team Size

As of recent data, ThrustMe employs between 39 and 50 people, indicating a relatively small but specialized team structure. The company is headquartered in France, and this team size allows for agile operations and efficient innovation in the space propulsion sector.

Current Hiring Status

While there is no explicit information on whether ThrustMe is currently hiring, their expanding operations and the opening of a new production facility suggest ongoing recruitment efforts to support their growth.

Growth Metrics

ThrustMe has demonstrated substantial growth since its founding in 2017. The company has achieved major milestones, including entering the North American market and securing significant partnerships with prominent U.S. and Canadian companies. Additionally, ThrustMe has delivered over 150 propulsion systems, with 67 operational in space, and has orders for more than 350 systems. This rapid expansion indicates a strong demand for their innovative propulsion technologies.

Key Positions and Team Impact

ThrustMe's leadership includes CEO Ane Aanesland and CTO Dmytro Rafalskyi, both experts in plasma physics and electric propulsion. The recent team growth likely involves hiring talented engineers and specialists in fields like plasma physics, aerospace engineering, and digital electronics. These new team members are crucial for ThrustMe's goal to scale its production capabilities and further advance its iodine-fueled propulsion systems, which are pivotal for the future of satellite constellations and space sustainability.

Management and Founding Team Changes

There is no noted change in the founding team or major management shifts at ThrustMe. The company continues to be led by Ane Aanesland and Dmytro Rafalskyi, who have been instrumental in driving its innovative approach to space propulsion.

Future Implications

The growth of ThrustMe's team and operations is essential for the company's strategy to become a leading provider of advanced propulsion solutions in the space industry. By expanding its capabilities, ThrustMe aims to support the rising demand for efficient and sustainable satellite propulsion systems, which are critical for the future of space exploration and satellite constellations.

Sources

• ThrustMe Breaks Into The North American Market With Leading Space Industry Players
• ThrustMe: Advanced In-Orbit Propulsion Systems
• Our Story - ThrustMe: Advanced In-Orbit Propulsion Systems
• ThrustMe Information - RocketReach
• ThrustMe - Crustdata Company Profile, Funding and Growth
• ThrustMe - Wikipedia
• ThrustMe - Products, Competitors, Financials ... - CB Insights

7 The Media Features and Publications

Overview of ThrustMe

ThrustMe is a French company specializing in advanced in-orbit propulsion systems, founded in 2017 by Dr. Ane Aanesland and Dr. Dmytro Rafalskyi. It emerged from a joint research lab between Ecole Polytechnique and the French National Centre for Scientific Research (CNRS). Since receiving the EIC Accelerator funding in October 2021, ThrustMe has continued to grow and innovate in the field of space propulsion.

Media Features and Publications

ThrustMe has been featured in various media outlets for its innovative propulsion technologies. For instance, the company's successful entry into the North American market by securing partnerships with prominent U.S. and Canadian companies was highlighted in its latest news updates. Additionally, ThrustMe has been noted for its appointments, such as Pia Decarsin as the new Head of Marketing and Communications, which reflects its strategic growth plans.

Publications about ThrustMe often focus on its technological advancements, including the world's first iodine-fuelled electric propulsion systems, which have been tested in space. These achievements position ThrustMe as a leader in sustainable space technology solutions.

Podcasts and Interviews

While specific podcasts featuring ThrustMe team members are not listed, the company's growth and technological advancements suggest potential opportunities for interviews and discussions in the space industry. Companies like Lemonpie offer podcast PR services that could facilitate such appearances.

Conferences and Fair Visits

ThrustMe has participated in significant conferences related to space technology. For example, its researchers have presented papers at conferences such as the Small Satellite Conference and the IAA Conference on University Satellite Missions and CubeSat Workshop. These events showcase ThrustMe's commitment to advancing state-of-the-art propulsion technologies.

Involvement in Events

ThrustMe's involvement in events includes presentations and participation in scientific conferences that focus on space propulsion and satellite missions. The company's expertise in plasma physics and electric propulsion has contributed to its reputation as a deep-tech innovator in the space industry.

Conclusion

Since receiving the EIC Accelerator funding in October 2021, ThrustMe has continued to innovate and expand its presence in the space industry. Its advancements in iodine-fuelled propulsion systems and strategic partnerships highlight its position as a leader in sustainable space technologies.

Sources:

• ThrustMe: Advanced In-Orbit Propulsion Systems
• Our Scientific Papers - ThrustMe
• ThrustMe & Spacety Press Release
• ThrustMe Announces Decarsin as Marketing and Comms Head
• About | THRUSTME - Aviation Week Marketplace
• Lemonpie: Podcast PR & Booking Agency