Business Finland approves €28 million continuation grant for ICEYE’s R&D program

Helsinki, Finland – June 1, 2026 – ICEYE, the world leader in sovereign intelligence from space, today announced that Business Finland, Finland's public innovation agency, has approved a €28.3 million continuation grant — the final tranche of a previously announced major R&D investment decision.

As European nations accelerate investment in sovereign defence and national resilience — from border and maritime security to disaster response — the ability to access persistent, reliable space-based intelligence has never been more critical. Continued investment in R&D enables ICEYE to advance its next-generation synthetic aperture radar (SAR), software and AI-enabled capabilities that allied nations and governments are seeking.

The grant will accelerate major advances in ICEYE's technology portfolio. R&D will focus on enhancing ICEYE's sensing capabilities, data collection, and AI-driven analysis. Additionally, ICEYE is collaborating with European C2 system integrators to advance multi-source data fusion.

ICEYE is scaling at an unprecedented pace to meet growing demand. Since 2018, the company has successfully launched 72 satellites and recently reached a production rate of one satellite per week. ICEYE is targeting an annual production capacity of 100 satellites by 2028, with 25 satellites planned for launch in 2026 and more than 50 in 2027. Sustaining this trajectory requires continued investment in R&D, production facilities and highly skilled talent.

ICEYE's software-defined satellites deliver the world's highest-fidelity commercial SAR imagery, with resolution up to 16 cm and a high-resolution field of regard extending to 400 km. ICEYE’s end-to-end sovereign intelligence system spans satellites, ground infrastructure, AI-enabled processing and analytics — providing allied nations with persistent situational awareness, day or night, in any weather.

Pekka Laurila, Co-founder and Chief Strategy Officer at ICEYE, said: “Business Finland’s continued support reflects ICEYE’s strong execution and the progress achieved under the R&D program. Together, we are strengthening Finnish expertise, scaling domestic R&D, and accelerating technologies that enhance national resilience, situational awareness and sovereign capabilities.”

Lassi Noponen, Director General at Business Finland, said: “Business Finland supports ambitious risk‑taking and shares the risk — funding is often provided in stages. The results of the first phase of ICEYE’s large project have been achieved, and it is great to be able to move forward with the continuation funding. This grant decision of €28 million is a testament both to ICEYE’s capabilities and to the position of Finnish technology development at the international forefront.”

Separately, ICEYE has secured a €300 million revolving credit facility, further strengthening the company’s financial flexibility as it scales production, accelerates technology development and deploys sovereign space-based intelligence capabilities for allied nations.