ICEYE's New Deals: Ukraine Satellite Comms & Wildfire Intelligence

Jan de Vries · 2026-10-23

ICEYE, the Finnish SpaceTech unicorn, just made two moves that could reshape how countries handle secure communications and natural disasters. The company announced a partnership with Nokia and Ukraine's Ministry of Defence to explore sovereign satellite communications, and a collaboration with German startup OroraTech to build a wildfire intelligence platform. Both deals signal ICEYE's ambition to go beyond Earth observation and into critical infrastructure. ### From Radar Satellites to Sovereign Networks ICEYE is best known for its synthetic aperture radar (SAR) satellites, which can see through clouds and darkness. Founded in 2014 by Rafal Modrzewski and Pekka Laurila, the company spun out of Aalto University and launched its first SAR satellite in 2018. Since then, it's become a key supplier of Earth observation data to governments, insurers, and emergency responders. The new Letter of Intent with Nokia and Ukraine's Ministry of Defence aims to develop communication systems that Ukraine can own and control. It builds on an earlier partnership between ICEYE and Nokia, announced in October 2026, to create secure broadband systems using low Earth orbit (LEO) satellites. These systems would support defence, border security, and disaster response—with countries keeping control over their satellites and ground infrastructure. Rafal Modrzewski, CEO of ICEYE, said: "Ukraine needs secure, sovereign and high-performance satellite communications systems that it controls. We have a proven track record of delivering sovereign missions at speed to help build that capability." The agreement is still exploratory, with no timeline or financial details disclosed. ### Wildfire Intelligence: A New Frontier On the environmental side, ICEYE is teaming up with Munich-based OroraTech to combine thermal satellite data with SAR observations. The goal is to create a platform that can monitor wildfires from the earliest sparks through to recovery. OroraTech, founded in 2018, specializes in space-based thermal intelligence for wildfire detection. By merging their technologies, the two companies hope to give organizations a more complete picture of fire risks and damage. ### The Funding Engine Behind the Ambition These partnerships come on the heels of a massive funding round. In June 2026, ICEYE raised €450 million ($480 million) in Series F funding, valuing the company at over €10 billion ($10.7 billion). That's a staggering jump for a company that started as a university research project. A €300 million ($320 million) revolving credit facility in May added more fuel. ICEYE isn't the only European SpaceTech player raising big money. In 2026, Luxembourg and US-based Hydrosat secured €51 million ($54 million) to expand thermal satellite intelligence, the UK's SatVu raised €34 million ($36 million) to scale its thermal observation constellation, and Switzerland's SWISSto12 brought in €61 million ($65 million) for satellite communications infrastructure. Finland's Kelluu also raised €15 million ($16 million) for autonomous aerial intelligence. Together with rounds for France's UNIVITY (€27 million/$29 million) and Germany's AIRMO (€5 million/$5.3 million), these 2026 deals add up to roughly €643 million ($686 million) in the general SpaceTech sector—including ICEYE's primary financing. ### What This Means for the Industry ICEYE's dual focus on defence and environmental monitoring shows how satellite technology is becoming more versatile. Governments want control over their own communication networks, especially in conflict zones. And as wildfires grow more intense, the demand for real-time intelligence is soaring. By partnering with Nokia and OroraTech, ICEYE is positioning itself at the intersection of security and sustainability. The company's journey from a university spin-off to a €10 billion unicorn is a testament to Europe's growing SpaceTech ecosystem. With this latest funding and these strategic partnerships, ICEYE is clearly aiming to stay in the driver's seat.