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Bank Gospodarstwa KrajowegoVinci fund, part of BGK, invests PLN 40 mln in Finnish-Polish satellite firm Iceye
The Vinci fund, part of Poland's state development bank BGK group, will invest PLN 40 million (EUR 9.4 mln) in the Finnish-Polish company Iceye, which manufactures microsatellites. The company has already launched 54 microsatellites equipped with SAR radars into orbit.
As BGK emphasized, Iceye satellites are already being used for defense and disaster protection purposes by the governments of countries such as the US, Brazil, and Japan. Ukraine also uses them. In 2025, contracts for the delivery of satellites were also signed by the armed forces of Poland, the Netherlands, and Portugal. Finland is also expected to join the company's customer base in the near future.
BGK noted that Iceye plans to increase its production capacity to meet the growing global demand for satellite Earth observation systems and satellite data. The bank recalled that Warsaw is home to the Satellite Operations Center responsible for the global operation of the Iceye constellation, the satellite planning team, and the research and development laboratory where key components are manufactured.
Vinci does not rule out its further involvement in this company.
"By signing the agreement with Iceye, through Vinci, BGK is implementing its strategy for 2025-2030, which involves supporting innovative Polish technologies. The solutions it offers are a good example of dual-use technology. Iceye satellites provide data for agriculture, crisis management, and defense, among other areas. Iceye already has an established position on the market. It recently signed a contract with the Ministry of National Defense," Poland's development bank head, emphasizes Miroslaw Czekaj.
The contract between the Ministry of National Defense and Iceye provides for the purchase of three radar satellites, with the possibility of increasing their number to six. The first Polish military satellite is to be launched into orbit in 2025.
Iceye owns and operates the world's largest constellation of synthetic aperture radar (SAR) observation satellites. To date, the company has launched 54 satellites into orbit for its own use and for its customers.
The Polish-Finnish company has its offices in Finland, Poland, Spain, the United Kingdom and the United States.
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