AeroVironment to Establish Industrial Presence in Greece Through AV Eagle
AeroVironment, Inc. (NASDAQ: AVAV), a global defense technology company, announced plans to establish an industrial presence in Greece through AV Eagle, a new joint venture with Athens-based Eyeonix SA.
The initiative follows the completion of a definitive shareholders agreement and the receipt of Foreign Direct Investment approval from the Hellenic Republic Ministry of Foreign Affairs. The partnership represents a significant step in AeroVironment’s efforts to expand its industrial footprint in Europe and strengthen its ability to support defense customers in Greece and across the broader European market.
AV Eagle builds on more than a decade of cooperation between AeroVironment and Eyeonix. The joint venture is expected to become operational during fiscal year 2027, creating a platform for future investment, technology localization and manufacturing as customer requirements and market opportunities develop.
Building European Defense Capacity
The establishment of AV Eagle comes as European nations continue to strengthen defense capabilities in response to an increasingly complex security environment.
Demand for autonomous systems, unmanned aircraft and counter-unmanned aircraft technologies has grown significantly as governments and defense organizations seek scalable systems that can support modern military and security missions.
AeroVironment intends to use its partnership with Eyeonix to establish a long-term industrial presence in Greece and potentially expand production capabilities over time.
Wahid Nawabi, Chairman, President and Chief Executive Officer of AeroVironment, said the joint venture is intended to go beyond technology delivery by creating long-term industrial capacity with Greece and its NATO allies and partners.
He also emphasized the potential to create opportunities for local industry while increasing manufacturing capacity to address urgent operational requirements.
Potential Manufacturing Facility in Greece
One of the expected developments under the partnership is the potential establishment of a new facility in Greece.
The facility could be used to manufacture and assemble a range of defense technologies, including unmanned aerial systems, loitering munition systems and counter-unmanned aircraft systems (C-UAS).
These capabilities are expected to serve defense and civil protection customers in Greece as well as customers across the broader European market.
Production capabilities are currently expected to become operational in 2028, subject to the development of customer requirements and production opportunities.
Employment at the facility is also expected to grow as manufacturing activities expand. This could create new opportunities for technical, engineering, manufacturing and support personnel within Greece’s defense and industrial sectors.
The localization of production could also contribute to greater supply-chain resilience by bringing additional manufacturing and assembly capabilities closer to European customers.
Supporting Local Industry and Innovation
AV Eagle is expected to work closely with Greek industry and the Hellenic Center for Defence Innovation.
The collaboration is intended to accelerate the development and deployment of defense capabilities while strengthening cooperation between international technology providers and local companies.
By combining AeroVironment’s established defense technologies with Greek industrial expertise, the joint venture aims to create a model for deeper European defense cooperation.
The initiative could also provide opportunities for local suppliers and technology companies to participate in the development, manufacturing and support of advanced defense systems.
This type of industrial collaboration is becoming increasingly important as European countries seek to improve defense readiness while strengthening domestic and regional supply chains.
Addressing Counter-UAS and Autonomous Systems Demand
A central area of potential activity for AV Eagle will be unmanned and counter-unmanned technologies.
Unmanned aerial systems have become increasingly important across modern defense operations, providing capabilities that can support surveillance, reconnaissance and other missions.
At the same time, the growing use of drones has created a need for effective counter-UAS systems capable of detecting and responding to unauthorized or hostile unmanned aircraft.
AeroVironment has developed technologies across both areas, including autonomous systems, loitering munitions and counter-UAS solutions.
The planned Greek industrial presence could help the company respond more effectively to European demand while providing customers with localized manufacturing and support options.
Strengthening European Defense Cooperation
George K. Strouzakis, Chief Executive Officer of Eyeonix SA, said the partnership comes at a time when European defense organizations are facing increasingly complex geopolitical challenges.
He highlighted the growing importance of interoperable and scalable unmanned and counter-UAS capabilities, particularly along the European Union’s eastern flank.
According to Strouzakis, the partnership is designed to support European defense modernization while aligning with evolving EU defense priorities and emerging financing mechanisms.
The joint venture will combine U.S. defense technologies with European innovation and integration expertise. The companies believe this approach can contribute to stronger resilience, improved operational readiness and a more coordinated European defense posture.
The partnership also provides an opportunity to align industrial development with the broader goals of European defense cooperation.
AV Eagle Ownership and Investment
AeroVironment will hold a majority ownership interest in AV Eagle, and the joint venture will be consolidated into AeroVironment’s financial statements.
The company’s initial capital investment in the venture was already included in its previously issued financial guidance.
The planned investment reflects AeroVironment’s broader strategy of expanding its international industrial capabilities while maintaining a focus on technologies that address emerging defense requirements.
As AV Eagle becomes operational, additional investment and production activity are expected to develop in response to customer demand and evolving requirements.
A Long-Term Platform for Growth
The partnership is designed to serve as more than a manufacturing initiative. AeroVironment and Eyeonix see AV Eagle as a platform for future investment, localization and production in Greece.
The initial focus will be on establishing the joint venture and developing the infrastructure required to support future manufacturing activities. As opportunities mature, the companies expect the scope of industrial operations to expand.
The planned timeline calls for AV Eagle to become operational in fiscal year 2027, with production capabilities expected to begin in 2028.
This phased approach allows the companies to develop industrial capacity alongside customer requirements while creating opportunities for local employment and supply-chain participation.
About AeroVironment
AeroVironment (AV) is a defense technology company developing integrated capabilities across air, land, sea, space and cyber domains.
Its portfolio includes autonomous systems, loitering munitions, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities.
The company also develops AV_Halo, a modular suite of AI-powered software tools designed to support warfighters across the mission cycle, including detection, decision-making and delivery.
AeroVironment operates a national manufacturing footprint and maintains an innovation pipeline focused on delivering defense technologies at speed and scale.
More information is available at AeroVironment.
Forward-Looking Statements
The announcement contains forward-looking statements regarding AeroVironment’s plans for AV Eagle, potential manufacturing operations, production timelines, employment opportunities, customer demand and future investments.
These statements are based on current expectations, forecasts and assumptions and are subject to risks and uncertainties. Actual results could differ materially because of factors including the company’s ability to secure and perform contracts, obtain new business, comply with regulatory requirements, respond to competitors, address market conditions and successfully develop new products.
Other risks include broader economic conditions and challenges associated with establishing new manufacturing and industrial capabilities.
Investors should review AeroVironment’s filings with the U.S. Securities and Exchange Commission for a more detailed discussion of these risks.
AeroVironment does not undertake an obligation to update forward-looking statements as a result of new information, future events or other developments, except where required by law.
The creation of AV Eagle marks a new phase in AeroVironment’s European strategy, combining U.S. defense technology with Greek industrial capabilities to support the development of localized manufacturing, strengthen supply-chain resilience and address the growing demand for advanced autonomous and counter-UAS technologies across Europe.
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