Prime Minister Kyriakos Mitsotakis chaired a meeting at the offices of the Hellenic Innovation and Infrastructure Fund (HIIF), the main investment vehicle of the National Development Fund for the new economy, where HIIF’s first investment was formally announced: the purchase of €35 million worth of preferred shares in ICEYE.
The investment further strengthens Greece’s partnership with ICEYE, a leading player in micro-satellites and satellite technology. The company already operates a subsystem production line in Neo Psychiko and plans to develop a new production facility in Greece, with end-to-end capabilities spanning satellite assembly, integration and testing, as well as subsystem manufacturing.
“I am particularly pleased that our presence here today is linked to the first investment by the Hellenic Innovation and Infrastructure Fund in an innovative European company that has decided to establish its largest production base in our homeland, Greece,” the Prime Minister said in his remarks.
“This is a major step forward for our country. And I would say it is also the best response to the various naysayers that Greece’s economic model is changing radically. Because if this isn’t a change in the economic model, then I cannot imagine what would be,” Kyriakos Mitsotakis added.
With the new facility, ICEYE will be able to produce and export 150 satellites a year from Greece, creating 230 highly skilled jobs and contributing to innovation, the development of high-tech domestic manufacturing and brain gain. ICEYE is already participating in the National Micro-Satellites Programme and has built the first two Greek SAR satellites.
“Let me reiterate how important I believe it is that Rafal and his team chose Greece to build significant production infrastructure. I think what they saw in Greece was not only a government willing and ready to welcome this kind of innovative investment, but also, I believe, an exceptional pool of talent,” the Prime Minister said.
HIIF’s investment is part of a broader €485 million funding round for ICEYE, which also includes highly respected investors such as the sovereign wealth funds of Qatar, France, Poland and Finland, as well as companies including BlackRock and General Catalyst.
The Prime Minister’s full remarks
“Dear Rafal, ladies and gentlemen, I am genuinely delighted to be here with you today. When we visited ICEYE’s offices in August 2025, even I could not have imagined how quickly events would unfold.
I am particularly pleased that our presence here today is linked to the first investment by the Hellenic Innovation and Infrastructure Fund in an innovative European company that has decided to establish its largest production base in our homeland, Greece.
I don’t think we need to say much about the usefulness of SAR satellites. The brief demonstration we saw a little while ago says it all.
I particularly want to highlight the fact that ICEYE is proving Europe can compete at the highest level in space and in the manufacture of cutting-edge satellites. This is a priority set by Europe, including by the President of the European Commission, and I am pleased that Greece can also invest in this very important effort by the company.
It is also important to stress that the Fund’s first investment is being made alongside highly respected and reputable international investors. Only a few names have been mentioned. This provides a degree of reassurance for the investment fund and, I would say, a stamp of credibility, because the investors who chose to invest in ICEYE in this round and at this valuation are certainly not there by chance and clearly expect significant returns on their investment.
So this is not only a strategic investment. It is also an investment from which the Greek state expects significant financial returns.
As for its strategic importance, let me reiterate how important I believe it is that Rafal and his team chose Greece to build significant production infrastructure. I think what they saw in Greece was not only a government willing and ready to welcome this kind of innovative investment, but also, I believe, an exceptional pool of talent.
And I think the stories of Vasilis and Angelos say it all. They returned from abroad to work at ICEYE — Vasilis, I don’t know whether you imagined, when you came back, that things would move as quickly as they have — but this is exactly what the opportunity to create more than 230 high-quality, well-paid jobs offers: a production facility that will turn out more than 150 satellites a year.
This is a major step forward for our country. And I would say it is also the best response to the various naysayers that Greece’s economic model is changing radically. Because if this isn’t a change in the economic model, then I cannot imagine what would be.
And, of course, Greece’s interest in space is already being demonstrated in practice by the fact that we have satellites in orbit giving us a real picture, which is extremely useful for defence, civil protection and the broader mapping of Greek territory.
But, of course, we will also soon have the first Greek astronaut in orbit, Adrianos Golemis, who, if all goes well, will spend 15 days on the International Space Station next year conducting experiments proposed to him by innovative companies and research programmes keen to make use of this unique opportunity: the presence of the first Greek astronaut in orbit.
So I want once again to congratulate the executives of the Investment Fund (GrowthFund) and the HIIF team on the speed with which they have moved. Let me stress again that these investments are governed by complete transparency and independence, because there is a very high level of compliance when it comes to managing public money — something ensured by the way these structures have been set up.
We look forward to the next investments, which, as I said, have a dual purpose: a strategic one, to support industries and sectors that will accelerate the transformation of the Greek economy into one with very high added value; and, of course, an investment purpose, because we expect significant returns from investments such as ICEYE.
And, dear Rafal, I hope we will be there for the opening ceremony of the new production facility when it is ready. As I have said, we remain at your disposal, as we are now partners, to ensure this becomes a major Greek and European success story. Congratulations once again.”
The meeting was attended by Minister of Digital Governance Dimitris Papastergiou, National Development Fund Chairman Stefanos Theodoridis, National Development Fund Chief Executive Giannis Papachristou, HIIF Chairman George Kofinakis, HIIF Chief Executive Stelios Frangos, ICEYE CEO and co-founder Rafal Modrzewski, ICEYE Greece CEO Vasilis Chaloulakos and HIIF Chief Investment Officer Andreas Giannakopoulos.
Mitsotakis: Greece offers unique prospects for institutional investors
Earlier, the Prime Minister spoke at the annual meeting of the International Forum of Sovereign Wealth Funds, which is being held in Athens. Kyriakos Mitsotakis said, among other things:
On the capabilities, advantages and potential of the Greek economy, the Prime Minister said:
Greece is not simply a country, an economy, that has recovered from a prolonged and very deep crisis. I believe it is a country offering unique prospects for institutional investors making long-term investments.
Greece is strategically located at the crossroads of Europe, the Eastern Mediterranean, the Balkans, the broader Middle East and the Gulf region. Our economic, institutional and defence frameworks are firmly anchored in the European Union, the eurozone and NATO. This provides a highly predictable framework for policy, regulatory and monetary stability.
Our strategic and economic horizons, however, extend well beyond our immediate European neighbourhood. We have longstanding political, economic and cultural ties with the countries of the Western Balkans and south-eastern Europe. We have a strong interest in European integration and in strengthening their economic and institutional ties with the European Union. But I would like to place particular emphasis on our very strong relationships with the Middle East, North Africa and the Gulf countries.
These are just as important to us — if not more so. Decades of trade cooperation, diplomatic relations and cultural ties provide a very strong foundation for new investment and strategic partnerships.
Our maritime tradition, our presence in international shipping and our geographical location further strengthen our role on the global stage. Greece is therefore particularly well placed to act as a “springboard”, combining European institutional stability with access to the economic dynamism of the wider Mediterranean and Middle East.
On the progress Greece has made over the past seven years, Kyriakos Mitsotakis said:
I believe the progress Greece has made over the past seven years has been truly significant. We have restored our fiscal credibility and stability. We have strengthened our banking system. We have implemented structural reforms that have raised productivity and enhanced our international competitiveness.
The results of these reforms are reflected in higher growth rates. Our economy is growing at twice the eurozone average. Employment figures tell a similar story: when we took office, unemployment stood at 18%. Today it is below 8%.
They are also reflected in investment and export statistics and, ultimately, in an improved standard of living, despite the difficulties caused by global inflationary shocks. And I believe these important developments have fundamentally changed Greece’s image internationally. Our return to investment grade, one of the main goals I had set before the 2023 election and which was achieved soon afterwards, was a fundamental milestone.
On the positive results of the government’s fiscal policy, the Prime Minister said:
If I had asked you three years ago to bet that Greece would have lower borrowing costs than four of the seven G7 countries, I don’t think many of you would have taken that bet. But that is exactly where Greece stands today.
On the investment opportunities Greece offers institutional investors, Kyriakos Mitsotakis said:
Greece is undergoing a fundamental transformation of its energy ecosystem. We are expanding electricity generation capacity from renewable energy sources. We are making significant investments in electricity grids, particularly our networks and interconnections. We are also actively and rapidly developing the infrastructure needed to support energy storage and greater connectivity in our region.
In Greece, we have also made a strategic bet: that natural gas will be used to provide our main electricity supply. So, for the first time in 40 years, we are moving ahead with exploration to assess the potential of domestic hydrocarbon resources, which could certainly contribute to our energy security and to diversifying Europe’s energy supplies. The first exploration well in Greece in 40 years is due to be drilled in the second quarter of 2027.
Digital connectivity is becoming just as important to economic competitiveness as physical infrastructure and, as I have said, Greece is increasingly developing a dynamic technology ecosystem built on highly skilled professionals, research capabilities and international investment.
The expansion of data centres, telecommunications infrastructure, cloud services and artificial intelligence infrastructure, along with the growth of businesses that make extensive use of technology, is creating opportunities for investors seeking to participate in the digital transformation of the European economy.
We are also strengthening our position in research and development, with opportunities to connect academic excellence, business activity and industrial investment. Looking at other sectors, such as pharmaceuticals, few people know that Greece has developed significant manufacturing and research capabilities, while we are also seeking to strengthen our domestic industrial and technological base, including our defence industry.
There are also significant opportunities in urban regeneration, commercial real estate and the repositioning of strategic assets.