Polish state-linked fund buys stake in ICEYE, Ukraine’s ‘people’s satellite’ maker

The Polish investment fund Vinci, part of the state-owned Bank Gospodarstwa Krajowego (BGK) group, has acquired a stake in the Finnish satellite company ICEYE, Vinci announced in a press release on Monday.

The investment amounts to PLN 40 million (US$11 million) and may be increased at a later stage.

ICEYE is a global leader in synthetic aperture radar (SAR) satellite technology, which enables the production of high-resolution images regardless of weather conditions or time of day.

In Ukraine, the company is best known for the so-called “People’s Satellite,” purchased by Serhiy Prytula’s volunteer foundation in August 2022. Ukraine’s Main Intelligence Directorate continues to use the satellite even after its warranty expired.

Since 2018, ICEYE has launched 54 SAR satellites for itself and its clients, and plans to deploy about 20 new satellites annually starting this year.

Its dual-use technologies serve both civilian and defense applications. ICEYE operates offices in Poland, Finland, Greece, Spain, the UAE, the US, and the UK.

The investment marks Vinci’s first entry into space technology. The fund manages BGK’s venture capital portfolio worth PLN 1.1 billion.

• ICEYE provided Ukraine with imagery of Russian troop movements ahead of Russia’s full-scale invasion in February 2022. Last year, with German government support, the company signed a memorandum of cooperation with Ukraine’s Ministry of Defense to supply satellite intelligence.
• In May, ICEYE formed a joint venture with Rheinmetall to manufacture satellites in Germany. The partnership will give ICEYE access to the country’s growing defense budget and integrate its technologies into Rheinmetall’s weapons systems.