Greece Makes €35 Million ICEYE Investment for Satellite Factory

Greece’s state innovation fund has made a €35 million ICEYE investment to back a factory that can build up to 150 satellites a year, Prime Minister Kyriakos Mitsotakis said on Wednesday.

This is the first investment by the Hellenic Innovation and Infrastructure Fund (HIIF). The fund bought preferred shares in ICEYE, a European satellite technology company.

ICEYE plans to set up its largest production base in Greece, and the ICEYE investment ties in with that plan. As well as exporting up to 150 satellites a year, the plant will create more than 230 highly skilled jobs.

“This is a big leap that we are making in our homeland,” Mitsotakis said at the fund’s offices. “And I would say it is also the best proof, against various naysayers, that Greece’s production model is changing drastically.”

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The ICEYE investment forms part of a wider €485 million funding round for the company, HIIF said. Sovereign investment funds from Qatar, France, Poland and Finland are taking part, along with BlackRock and General Catalyst.

Plans for the satellite factory

ICEYE already runs a production line for satellite subsystems in Neo Psychiko, in northern Athens. Its new plant will assemble, integrate and test complete satellites, and it will also make subsystems.

In addition, the company takes part in Greece’s National Microsatellite Program. It built the country’s first two SAR satellites, which use radar to capture images of the Earth.

Mitsotakis said the ICEYE investment has both a strategic and an economic purpose, since the Greek state expects significant returns from its stake.

He also said ICEYE chose Greece because of the quality of its scientists. Well-paid jobs at the plant could help bring Greek scientists home from abroad, he said.

Greek City Times reported in June that ICEYE was planning a large plant in Greece under the country’s national space strategy.

Space program and astronaut mission

Satellites from Greece already in orbit provide images and data for national defence, civil protection and mapping, Mitsotakis said.

Later, he pointed to the planned mission of Greek astronaut Adrianos Golemis to the International Space Station in 2027. According to the plan Mitsotakis presented, Golemis will stay for 15 days and carry out scientific experiments.

Finally, Mitsotakis said the fund makes every deal, including the ICEYE investment, with transparency and independence. He also signalled further deals in high value-added sectors.

“We look forward to the next investments,” he said. The aim is to strengthen Greece’s production base while securing returns for the state, he added.

Source: Ta Nea

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