Business Finland grants exceptionally large funding – ICEYE scales operations and investments in R&D with EUR 250 million
Business Finland has granted one of the largest individual fundings in its history to ICEYE, the Finnish space and defense technology company. The funding, totaling over EUR 41 million, will significantly accelerate the company’s product development efforts and strengthen Finland’s position as a leading European country in space technology.
The goal of the investment program is to reinforce ICEYE’s global leadership in space and defense technology by expanding production, developing new technologies, and accelerating growth. This development is supported by Business Finland’s funding: an EUR 41.1 million investment (EUR 5.7 million in non-dilutive R&D grants and EUR 35.4 million in development loans) in research and product development.
"This is an exceptionally large funding decision for Business Finland, and with it, ICEYE is making a major investment in product development in Finland. The project will generate new high-tech expertise in Finland and create the foundation for the company’s strong international growth. It will strengthen the entire space and defense sector and have a wide-ranging impact across the ecosystem. Above all, this is an investment in Finland’s future and in European innovation leadership in a rapidly growing industry," says Lassi Noponen, Director General of Business Finland.
Systematic long-term support for the Finnish new space economy
"ICEYE is growing fast to meet the global need for real-time space-based intelligence," tells 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."
"The investments made by Business Finland and its predecessor Tekes in research, development, and innovation have laid a strong foundation for the continuous growth and success of the Finnish space sector. Our New Space Economy program, which ran from 2018 to 2022, has been a significant driver in the development of Finland’s space industry. But this is only the beginning. Business Finland is enthusiastically committed to helping build the world’s best space and defense ecosystem in Finland," continues Lassi Noponen.
Image: ICEYE
