Nokia Oyj Sponsored ADR (NOK.US) Partners with ICEYE to Build a European Sovereign Satellite Network: Up to 50 Satellites to Be Launched Annually Starting in 2028

Nokia Oyj Sponsored ADR (NOK.US) and satellite startup ICEYE plan to build a secure European communications system in orbit for defense and security matters, seizing on the continent's increasingly urgent demand for sovereign services. The partnership is expected to launch up to 50 low-Earth-orbit (LEO) satellites annually starting in 2028, Nokia Oyj Sponsored ADR CEO Justin Hotard and ICEYE CEO Rafal Modrzewski said in a joint interview. For government customers, the two companies will provide ground terminals and satellites designed to work with land-based networks, keeping armed forces, first responders and ministries connected during disruptions. "Moving from just radio communications and mobile communications to sensing and mission-critical connectivity is an incredible opportunity," Hotard said, adding that communications are increasingly involving observation and detection at the same time. European governments are moving to build their own satellite capabilities after relations with the U.S. grew strained during the Trump administration. The European Union said in August it is expanding its IRIS sovereign satellite program, aiming to create a unified service that does not rely on foreign suppliers. The push comes after Elon Musk's Starlink, which operates the world's largest satellite communications constellation, previously said it could challenge U.S. telecom carriers by competing directly for customers. Some of Nokia Oyj Sponsored ADR's ground carrier customers in the U.S. and Europe have begun discussing forming joint ventures to bid for satellite spectrum in an upcoming auction, seeking to retain control over this emerging connectivity layer. Nokia Oyj Sponsored ADR is expanding beyond its core mobile network infrastructure, investing in satellites and data center equipment. The company's focus on AI infrastructure, combined with an investment from AI chip developer NVIDIA Corporation (NVDA.US), has driven its shares up about 65% year-to-date. "This is probably one of the biggest shifts in ICEYE's overall strategy," Modrzewski said, adding that ICEYE is entering a new market that he estimates is larger than the intelligence satellite services market. ICEYE is among a group of emerging space companies benefiting from Europe's sovereign push and growing demand for defense-related services. The company raised 450 million ($511 million) in June at a 10 billion valuation. Earlier this month, the company signed a letter of intent with Polish state-owned defense manufacturer PGZ SA to build a Polish military satellite communications system. Modrzewski said this was "one of the demand signals that enabled this development."