Advances in remote sensing technologies have allowed us to send an ever-increasing number of satellites in orbit around Earth. As a result, satellite image archives have been constantly increasing in size in the last few years (now reaching petabyte sizes), and have become a valuable source of information for many science and application domains (environment, oceanography, geology, archaeology, security, etc.). TELEIOS is a recent European project that addresses the need for scalable access to petabytes of Earth Observation data and the discovery of knowledge that can be used in applications. To achieve this, TELEIOS builds on scientific databases, linked geospatial data, ontologies and techniques for discovering knowledge from satellite images and auxiliary data sets. In this paper we outline the vision of TELEIOS (now in its second year), and give details of its original contributions on knowledge discovery from satellite images and auxiliary datasets, ontologies, and linked geospatial data.