Iceye Dwell Fine image of Helsinki, Finland. Photo: Iceye

The Finnish Ministry of Defense is looking to purchase satellites from Iceye for intelligence and surveillance capabilities from space, under a new letter of intent announced June 27. 

The letter of intent enables the Finnish Defense Forces to acquire Iceye synthetic aperture radar (SAR) satellites and outlines a preliminary delivery plan and timeline. It also covers the technical solutions and systems Finland would need to establish an autonomous national capability for space-based surveillance.

It marks a defense deal with Iceye’s home country, as the startup is headquartered in Espoo, Finland. 

“As space becomes increasingly critical, Finland is now taking a unique step forward in national defense. By acquiring our own satellites, we are strengthening our independent space-based intelligence and surveillance capabilities, and at the same time, we are supporting the domestic high-tech defense industry and creating new opportunities to deepen cooperation with allies and partners,” Minister of Defence Antti Häkkänen said in a release. 

A number of European countries are looking to Iceye to either purchase SAR satellites or establish satellite manufacturing. Earlier this week, the Royal Netherlands Air Force (RNLAF) announced plans to procure four satellites from Iceye, and the company has other recent deals in Germany and Portugal.  

Bloomberg reported this week that Iceye is exploring an IPO, with sales on track to double.