Business Finland, Finland's state innovation agency, has approved a continued grant of 28.3 million euros to the Finnish satellite company ICEYE. The grant constitutes the final part of a previously decided research and development (R&D) investment programme, according to a press release from ICEYE dated 1 June 2026.

According to ICEYE, the grant will be used to further develop the company's technology portfolio, with a focus on enhanced sensor capabilities, data collection and AI-driven analysis. ICEYE also states that the company is collaborating with European system integrators in the field of command and control (C2) systems to develop multi-source data fusion.

ICEYE states that the company has launched 72 satellites since 2018 and has recently reached a production rate of one satellite per week. The company states that the goal is an annual production capacity of 100 satellites by 2028, with 25 satellites planned for launch in 2026 and more than 50 during 2027.

Business Finland's continued support reflects ICEYE's execution and the progress achieved within the R&D programme. Together, we are strengthening Finnish expertise, scaling up domestic research and development, and accelerating technologies that enhance national resilience, situational awareness and sovereign capabilities, says Pekka Laurila, co-founder and Chief Strategy Officer at ICEYE, in the press release.

Business Finland supports ambitious risk-taking and shares the risk, with funding often provided in stages. The results of the first phase of ICEYE's major project have been achieved, and it is gratifying to be able to proceed with continuation funding. This grant decision of 28 million euros is a testament to both ICEYE's capabilities and the position of Finnish technology development at the international forefront, says Lassi Noponen, Director General of Business Finland, in the press release.

NDS recently reported that ICEYE secured a revolving credit facility of 300 million euros, to strengthen the company's financial flexibility as production and technology development are scaled up.