🇫🇮 ICEYE scales operations and investments in R&D – Business Finland grants significant funding

Helsinki – June 19, 2025 – ICEYE, the global leader in Synthetic Aperture Radar (SAR) satellite operations for high-resolution Earth observation and persistent monitoring, is launching a major investment program exceeding €250 million to expand its satellite manufacturing capabilities, accelerate technology development, and strengthen its position as a global leader in space and defense technologies.

Responding to rapidly growing global demand in defense and security, ICEYE is continuously scaling operations across multiple fronts. Over 50 new satellites will be launched within the next two years, requiring significant investment in production facilities, equipment, and highly skilled talent.

Additionally, ICEYE is making major advances in its technology portfolio. In addition to next-generation SAR techniques, new research expands into high-resolution imaging in the optical spectrum as well as passive radio-frequency (RF) methods. In addition to space, aerial platforms will be included in the sensor ecosystem. Novel AI-based exploitation chains are developed and integrated and ICEYE is deepening partnerships with other sensor manufacturers and European C2 system integrators to advance multi-source data fusion.

The program is primarily funded through invested capital and operating revenue. As a critical enabler of funding for the R&D effort, Business Finland, Finland’s public innovation agency, has awarded €41.1 million in funding, including €5.7 million in non-dilutive R&D grants and €35.4 million in development loans. It is one of the largest single funding commitments in the agency’s history.

“This is a landmark investment in Finnish high-tech,” said Lassi Noponen, Director General of Business Finland. “It fuels ICEYE’s international growth, strengthens Finland’s role in the global space and defense sector, and delivers widespread economic impact. This is ultimately an investment in Europe’s leadership in a fast-growing domain.”

“ICEYE is growing fast to meet the global need for real-time space-based intelligence,” said Pekka Laurila, ICEYE Co-founder and Chief Strategy Officer. “This funding allows us to expand our capabilities and workforce, creating hundreds of new high-skill jobs and delivering Finnish-built technology to the world.”

ICEYE’s capabilities are increasingly critical to Europe’s resilience and autonomy. As geopolitical risks rise, sovereign access to advanced ISR (Intelligence, Surveillance, and Reconnaissance) becomes essential. ICEYE already partners with a growing number of governments in defense, security, and crisis management. The company is independently European-owned and capable of delivering secure situational awareness solutions across allied nations.

“Finland has built a globally competitive space sector over the past decade. But this is only the beginning,” said Noponen. “Business Finland is fully committed to helping build Finland as the home base of the world’s best space and defense ecosystem,” he concluded.