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Economic Times
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17
Image Credit: Economic Times
Finland backs space tech ICEYE firm with R&D funding
- Finland's business promotion agency has granted research and development funding to satellite and defence technology company ICEYE, contributing to European support for the space sector.
- ICEYE, a rapidly growing company, operates a fleet of 48 Synthetic Aperture Radar satellites with customers including Ukraine, NATO, and Japan.
- Business Finland allocated 41.1 million euros to ICEYE's 250-million-euro investment program, aiming to boost its global presence in space and defence technology.
- According to Business Finland's head, the funding will positively impact the entire space and defence sector, benefiting the ecosystem.
- With rising global security threats and the Ukraine conflict, the EU has initiated an 800 billion euro programme to enhance its defence, with tech startups like ICEYE expected to play a vital role.
- ICEYE's satellite constellation employs Synthetic Aperture Radar technology to generate high-resolution images of the Earth's surface regardless of weather or daylight conditions.
- ICEYE's strategy chief emphasized the importance of developing sovereign capability with their technology, given current needs.
- Apart from data services, ICEYE also offers radar imaging satellites to meet the growing demand for continuous global monitoring.
- ICEYE's CEO highlighted the significance of satellite technologies for national security, particularly in light of technological advancements and recent geopolitical events like the Ukraine war.
- The 250-million-euro investment will enable ICEYE to enhance satellite manufacturing, develop new sensors, and upgrade satellite platforms.
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