Greece to Make 150 Satellites in Major Space Industry Expansion

Greece’s Hellenic Innovation and Infrastructure Fund (HIIF) has announced its first investment, committing €35 million to European satellite technology company ICEYE, Prime Minister Kyriakos Mitsotakis said during a meeting at the Fund’s offices.

The investment will support the establishment of ICEYE’s largest production facility in Greece, with the capacity to manufacture and export 150 satellites annually and create more than 230 highly skilled jobs.

The funding will finance the acquisition of preferred shares in ICEYE and forms part of a wider €485 million investment round. Participants include the sovereign wealth funds of Qatar, France, Poland and Finland, as well as BlackRock and General Catalyst.

ICEYE, which already operates a subsystem production line in Neo Psychiko, plans to establish a new facility in Greece with comprehensive capabilities for satellite assembly, integration and testing, alongside subsystem manufacturing.

Read more: Greece Makes €35 Million ICEYE Investment for Satellite Factory

The company already participates in Greece’s National Microsatellite Programme and has manufactured the country’s first two SAR (Synthetic Aperture Radar) technology satellites.

Mitsotakis described the investment as an important step towards transforming the Greek economy, demonstrating the country’s ability to attract high-technology manufacturing activities.

“This is a major leap forward for our country. I would say it is also the best proof, against the pessimists, that Greece’s productive model is changing dramatically,” he said.

The Prime Minister highlighted the investment’s dual strategic and economic significance, noting that the Greek State also expects substantial financial returns from its stake in the company.

He attributed ICEYE’s decision to expand its production operations in Greece to the quality of the country’s scientific workforce and its capacity to create well-paid, highly skilled jobs. These opportunities could also encourage Greek scientists working abroad to return home.

Mitsotakis also highlighted Greece’s growing capabilities in the space sector, noting that Greek satellites already in orbit provide images and data that support national defence, civil protection and the mapping of the country’s territory.

He also referred to the planned mission of Greek astronaut candidate Adrianos Golemis to the International Space Station in 2027. According to the plans presented, Golemis will spend 15 days aboard the station conducting scientific experiments.

Finally, the Prime Minister stressed that HIIF investments operate under conditions of transparency and independence, announcing that the Fund will continue pursuing investment opportunities in sectors with high added value.

“We look forward to the next investments,” he said, emphasising the dual objective of strengthening Greece’s productive capacity and securing investment returns for the Greek State.

(Source: AMNA)

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