Poland Plans Investment in Satellite Firm Supporting Ukraine

According to reports, Polish officials are in the final stage of negotiations to secure equity in ICEYE, which is co-founded by Rafał Modrzewski.

ICEYE, a Polish-Finnish radar satellite company, operates the world's largest network of synthetic aperture radar (SAR) satellites.

These satellites can capture high-quality images during both night and day and through heavy clouds, providing a significant advantage over regular satellites. ICEYE provided Ukraine with early information on Russian troop movements before the full-scale invasion began in February 2022.

Strengthening Europe's Satellite Capabilities
ICEYE has so far launched 54 satellites, with about half being operated by defense agencies of different countries. Earlier this year, Poland's defense ministry signed a $230 million contract to purchase six satellites from ICEYE.

This latest investment is expected to be handled through Poland's development bank, although the exact investment size has not been publicly shared.

This investment comes as European countries increase their defense spending in reaction to the ongoing war in Ukraine and calls from U.S. leaders to strengthen their own security. ICEYE plans to ramp up its satellite production from 25 units annually to 100-150 units to meet growing demand.

Expanding Satellite Manufacturing for European Defense
ICEYE has already raised $550 million in its latest funding round, with more capital expected beyond Poland's investment. Modrzewski explained that Europe needs rapid growth in satellite production to address urgent security needs.

The company also launched a joint venture with German defense company Rheinmetall to expand production in Germany and has received additional funding from organizations like the European Investment Bank.

Poland's stake in ICEYE is seen as part of a broader European effort to strengthen defense capabilities with faster and larger satellite production.