Poland steps up in satellite industry as state bank BGK invests over €9.3M in Finland’s ICEYE

Vinci Fund, part of Bank Gospodarstwa Krajowego group, has invested in ICEYE, a company that designs and operates satellites for Earth observation.

Espoo-based ICEYE, a microsatellite manufacturer and operator, announced that Vinci Fund, a fund owned by Poland’s state development bank, Bank Gospodarstwa Krajowego group, has joined as an investor in the company.

Vinci SA is investing over PLN 40M (nearly €9.38M) in ICEYE, with the possibility of increasing its capital commitment later.

Bartosz Drabikowski, CEO of Vinci, says, “Our investment in ICEYE means that Poland is entering a completely new segment of the satellite industry at an early stage. High-quality satellite data is used both in defence and intelligence operations, as well as in preventing and resolving the effects of natural disasters.”

“The market for monitoring the Earth from space is growing at a rate of $2B annually, supported by orders from governments and the private sector. We are entering this promising market with great enthusiasm, seeing it as a development opportunity for Poland, but also an opportunity to multiply Vinci’s capital. Just after the second-ever Polish spaceflight, we are announcing our first investment in space technologies.”

Vinci manages PLN 1.1B in funds and provides equity, mezzanine, and private debt financing to companies at various stages of development, focusing on international expansion, competitiveness, growth, innovation, and intellectual property in Poland.

Mirosław Czekaj, President of BGK, adds, “By signing the agreement with ICEYE, through Vinci, Bank Gospodarstwa Krajowego is implementing its strategy for 2025-2030, which assumes support for innovative Polish technologies. The solutions it offers are a good example of dual-use technology.”

“ICEYE satellites enable the provision of data, for example, in agriculture, crisis management, and defence. ICEYE already has an established market position. It recently signed a contract with the Ministry of National Defence.”

Earth monitoring using radar satellites

ICEYE designs and produces Earth observation systems using satellites equipped with synthetic aperture radar (SAR). The company builds dedicated satellite constellations and delivers data and analytical products for defence, crisis management, agriculture, and climate change research.

In the past 10 years, ICEYE has expanded from a Polish-Finnish project into a company with offices in Poland, Finland, Greece, Spain, the United Arab Emirates, and the US. 

The Polish subsidiary operates the Satellite Operations Center in Warsaw, which supports the ICEYE constellation worldwide, manages satellite planning, and runs a research and development laboratory. 

The Warsaw site develops and manufactures components, including the Attitude Control System (ADCS), radio, radar management system, and power supply systems. Work is ongoing to expand the scope of the Polish office

ICEYE operates the world’s largest SAR satellite constellation, providing global radar data with 25 cm resolution and frequent revisit times, allowing object detection in all weather and lighting conditions. 

Since 2018, the company has launched 54 satellites for its constellation and clients, and plans to launch about 20 satellites each year starting in 2025. 

In May 2025, ICEYE signed a contract with the Ministry of National Defence to deliver three radar satellites to the Polish Armed Forces under the MikroSAR programme.

Rafał Modrzewski, CEO and co-founder of ICEYE, says, “We are extremely pleased that Vinci, together with the BGK Group, recognises the strategic need to invest in space technologies, whose importance for security and the global economy is constantly growing.”

“New Space companies like ICEYE, thanks to their dynamism and innovation, are radically changing the face of the space industry. This is an investment in the future that will serve Poland.”

Brief about Bank Gospodarstwa Krajowego

Bank Gospodarstwa Krajowego (BGK) is a Polish development bank providing banking and depository services, focusing on enterprises, local government entities, and government projects such as highway construction. 

Founded in 1924 and based in Warszawa, BGK supports Poland’s socio-economic development by mobilising private capital for economic and social projects. 

Its strategy is built on four pillars: building the economy, strengthening enterprise competitiveness and local government resilience, partnering with state institutions, and developing internal expertise in financing development projects.