Business Finland has invested 41 million euros in Finnish space and defense technology company ICEYE, marking a significant step in Finland's ambition to solidify its position as a leading European hub for space technology, reported Xinhua.
The funding, announced Thursday in a press release by Business Finland, a public agency under the Finnish Ministry of Employment and the Economy, will significantly accelerate ICEYE's 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," said Lassi Noponen, director general of Business Finland, calling the investment a commitment to Finland's future and to maintaining European leadership in a rapidly growing global industry.
Meanwhile, Pekka Laurila, ICEYE's co-founder and chief strategy officer, said "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."
Finland has been steadily advancing its position in the space sector through strong government support, targeted investment, and a vibrant startup ecosystem. The country's first National Space Strategy, launched in 2018, set clear goals for enhancing space-related research, commercial applications, and international cooperation.
Public agencies such as Business Finland have played a central role by funding high-tech innovation, while universities and companies, such as Aalto University and ICEYE, have pioneered advances in small satellite technology. Finland also actively participates in the European Union and European Space Agency (ESA) programs, aligning national initiatives with broader continental ambitions for space innovation and sustainability.
In a separate statement, ICEYE announced it will launch an investment program valued at over 250 million euros. The initiative aims to expand production, develop new technologies, and accelerate the company's global growth. The company also disclosed plans to launch more than 50 new satellites within the next two years.
Founded in 2014, ICEYE is a Finnish manufacturer and operator of microsatellites, known for maintaining one of the world's largest synthetic aperture radar (SAR) satellite constellations. The company has a global presence, with offices in Finland, Poland, Spain, the UK, Australia, Japan, the United Arab Emirates, Greece, and the United States.
- Finland
- Space industry
- Investment
Source: www.dailyfinland.fi
