Poland Invests in ICEYE, Ukraine’s ‘People’s Satellite’ Maker

Poland’s state-owned development bank has invested in ICEYE, the aerospace company that operates a radar satellite network widely used by Ukraine’s military.

This was announced by Mirosław Czekaj, president of Bank Gospodarstwa Krajowego (BGK).

Through its Vinci venture capital fund, the BGK will provide about PLN 40 million ($11 million) to support ICEYE’s research projects and production facilities.

“By signing the agreement with ICEYE, through Vinci, Bank Gospodarstwa Krajowego is implementing its 2025–2030 strategy, which foresees support for innovative Polish technologies. ICEYE’s solutions are a strong example of dual-use technology. The satellites provide intelligence in agriculture, crisis management and defense,” Czekaj said.

ICEYE operates the world’s largest constellation of radar surveillance satellites, offering imagery with a resolution of up to 25 cm, allowing object detection regardless of weather or time of day.

Since 2018, the company has launched 54 satellites for its own constellation and for third-party clients, with plans to add about 20 satellites annually starting this year. In May, ICEYE signed an agreement with Poland’s Ministry of National Defence to supply three radar satellites under the MicroSAR program.

Founded by Finnish engineers, ICEYE has shifted a significant part of its infrastructure to Poland. Its Warsaw office hosts the Space Operations Center, which manages the global constellation. The Polish capital also houses the R&D center, where core satellite components — including attitude control systems, communications, radar control and power systems — are developed and manufactured.

ICEYE in Ukraine

In August 2022, Ukraine’s Serhiy Prytula Charitable Foundation bought an ICEYE satellite for the Defense Forces for ₴600 million, calling it the country’s ‘People’s Satellite.’

Although its three-year warranty has expired, the satellite continues to operate, providing regular imagery for Ukraine’s military.

In addition, a second ICEYE satellite, purchased by the German government for Defence Intelligence of Ukraine, is also in operation. Its launch date and specifications have not been disclosed.

ICEYE satellites use the synthetic aperture radar (SAR) technology, which does not rely on optical imaging. From 500 km above the Earth, they emit radar waves that reflect off objects and return to the satellite, creating highly detailed surface images regardless of light or weather conditions.