ICEYE aims to lead the Greek space industry into a new era, significantly expanding its footprint in the country and strengthening Greece's role in its global production activity.
Speaking to Euro2day.gr, the CEO of ICEYE Hellas, Vasilis Chaloulakos (photo), and the company's Head of Business Development, Iasonas Tatsis, laid out the company's plans for the coming years, spearheaded by the creation of a new vertically integrated unit for satellite production, investments of tens of millions of euros, and the creation of 250 new highly specialized jobs.
It is recalled that the Finnish space technology company established its presence in Greece in 2024, creating in Athens a production line for subsystems of SAR microsatellites (synthetic aperture radar for Earth observation).
At its laboratories in Neo Psychiko, 40% of the SAR payload is manufactured, the "brain" of the satellite's radar, which serves ICEYE's global fleet. The company successfully participated in the European Space Agency (ESA) program for Axis 1.2 of the National Microsatellite Program, in cooperation with the Ministry of Digital Governance.
Within the framework of the program, ICEYE undertook the construction and production of the first two microsatellites, which were launched in November 2025 and are in orbit on behalf of the Greek state and the competent ministry.
It is indicative that in October 2025 ICEYE had just 12 employees in Greece, while by the end of 2026 their number is expected to exceed 40.
The plan for the new satellite production unit
ICEYE plans to further increase its production in Greece in order to meet its growing production needs on a global level. At the center of the plan is the creation of a new vertically integrated, end-to-end satellite production unit, with the goal of being operationally ready in the first quarter of 2028.
The new unit will aim to produce 150 satellites annually, while with the implementation of the plan Greece aspires to become the second country after Finland in which an ICEYE satellite will be manufactured in its entirety.
The amount of the investment for the creation of ICEYE's new production unit in Greece is expected in the first phase to amount to tens of millions of euros. As Mr. Chaloulakos clarified, the amount concerns exclusively the capital expenditures for the creation of the unit, without including the investment in human resources. It is worth noting that, according to him, the amount of the investment made so far by ICEYE in Greece also stands at tens of millions of euros.
The role of the new Greek unit in ICEYE's global production is expected to be particularly important. According to Mr. Chaloulakos, as regards SAR satellites, the unit in Greece will cover the largest part of the company's global production. Consequently, the largest part of the turnover that will arise globally from this specific category will concern satellites that will have been manufactured in Greece.
The new jobs and the "brain regain"
The development of the new unit is also accompanied by a significant strengthening of ICEYE's workforce in Greece, as the plan provides for the creation of 250 new highly specialized jobs.
As Mr. Chaloulakos said, about 30% of ICEYE's employees in Greece have lived and carried out part of their professional career abroad.
For his part, Mr. Tatsis estimated that the company's new investment in the country is almost certain to attract additional employees from abroad, in order to cover the increased needs and staff the new production lines. As he stressed, ICEYE aspires to become a pole of attraction for the return of scientists and professionals to Greece.
In response to a question about what led ICEYE to proceed with the development of the satellite's entire production in Greece, Mr. Tatsis noted that the company found that "there is very great potential".
"We saw that there is talent, there is a willingness to work and there is support from all the stakeholders involved", he stressed, adding that the company identified in the country "specialized executives, support, know-how and a broader ecosystem of companies".
As a characteristic example, he pointed to Adamant Composites, a Greek company based in Patras, with which ICEYE signed a memorandum of cooperation with the aim of integrating it into its global supplier network. The company seeks to develop similar partnerships, creating together with the new unit a network of Greek suppliers that will support production.
As regards the possibility of acquiring a Greek company, Mr. Tatsis noted that this is something that is in ICEYE's plans for the coming years.
Referring to the plan for the creation of an Industrial Space Hub in Greece, Mr. Tatsis explained that in the first phase it is linked to strengthening ICEYE's production capacity. He did not rule out, however, a broader effort in the future with the participation of other members of the space ecosystem as well, with the aim of shaping a more comprehensive undertaking.
Greece's role in R&D
The plan for the new unit also includes the significant strengthening of the Research and Development (R&D) activity already taking place in Greece on a smaller scale. The new unit provides for the creation of a separate department that will deal exclusively with R&D, beyond production.
At the same time, ICEYE plans to develop new solutions in Greece, with Mr. Chaloulakos estimating that the Greek activity can acquire a leading role globally in the development of products for maritime surveillance and the response to natural disasters.
More broadly, the needs that ICEYE's technology can cover include the surveillance of maritime and land borders and civil protection, while shipping and insurance companies are among the sectors on which the company focuses for the commercial exploitation of the data it produces.
The defense prospect
At the same time, the company places particular emphasis on strengthening its presence in the defense sector in Greece, as its satellites are dual-use, with applications both in civil protection and in defense. Mr. Tatsis appeared optimistic about the company's next moves in this sector, estimating that by the end of 2026 "we will have some good news to announce".
Indeed, according to him, the prospect of development in the defense sector was one of the reasons that led ICEYE to the decision to invest further in Greece.
The company has participated through consultations or tenders of the Hellenic Center for Defense Innovation (ELKAK) for the procurement of satellite systems. At the same time, discussions have taken place with the Ministry of National Defense regarding the coverage of needs that may arise.
The HELLAS-SPACE 2.0 tenders
ICEYE's investment comes at a time when Greece's activity in the space sector is expanding overall. In this context also falls the new National Space Program "HELLAS-SPACE 2.0", with a total budget of 350 million euros, which is a continuation of the National Microsatellite Program and provides for the development of new space infrastructure and systems.
Mr. Chaloulakos assessed the new program positively, describing it as qualitatively and quantitatively upgraded compared to the first National Microsatellite Program and underlining the importance that space is acquiring for the country's security, defense and civil protection.
Indeed, Mr. Chaloulakos revealed that ICEYE plans to participate in several of the tenders within the framework of HELLAS-SPACE 2.0. After all, as he explained, ICEYE's activity is not limited to SAR satellites, with the company having particularly ambitious plans on a global level, something that creates opportunities for participation in different pillars of the new National Space Program.
Greece's role in ICEYE's international plans
The development of ICEYE's presence in Greece coincided in time, over the last year, with two important milestones for the parent company at the international level: the signing of a contract worth approximately 1.7 billion euros with the German armed forces and the completion of a new funding round of more than 1 billion euros, with its valuation exceeding 10 billion euros.
Mr. Chaloulakos pointed to the contribution of the Greek activity to ICEYE's international successes, noting that the successful implementation of the National Microsatellite Program, under ESA's supervision, strengthened the company's credibility on a pan-European level.
The Greek team, as he explained, completed the project earlier than the scheduled timetable, a performance which, according to him, is evaluated particularly positively by investors. He underlined that the presence in Greece strengthens ICEYE's production capacity on a global level and supports the implementation of major international projects.
ICEYE's strategy for Greece
Asked about ICEYE's overall strategic plan in Greece, Mr. Chaloulakos noted that for the next five years the focus is on the successful completion of the new production unit, alongside the expansion of R&D activities. As he explained, the goal is for Greece not to be limited only to producing technology at a manufacturing level, but also to participate in creating it through research.
The plan also includes the export of the technology that will be developed in Greece and will be addressed to the global market, with Mr. Chaloulakos also highlighting the importance of collaborations with the academic community and domestic industry. ICEYE maintains stable collaborations with academic institutions, among them NKUA and specifically the Department of Aerospace Science and Technology.
Overall, as he summarized, the main pillars of ICEYE's strategy in Greece for the next five years are satellite production, Research and Development of new technologies, exports and strategic partnerships.