AeroVironment (NASDAQ: AVAV) said on Friday, August 21, 2026 that it will establish an industrial presence in Greece through AV Eagle, a majority-owned joint venture with Athens-based Eyeonix SA that is expected to manufacture unmanned aerial systems, loitering munitions and counter-UAS equipment for European and NATO customers by 2028.
AV Eagle expected to launch in fiscal 2027
The Arlington, Virginia-based defense technology firm said the joint venture was struck after both sides completed a definitive shareholders agreement and secured Foreign Direct Investment approval from the Hellenic Republic Ministry of Foreign Affairs. AV Eagle is expected to become operational in AeroVironment's fiscal year 2027 and provide a base for further localisation, investment and production in Greece and across the wider European market, according to the company's press release.
Manufacturing loitering munitions and counter-UAS in Athens
Expected activities of AV Eagle include a potential new facility in Greece to assemble AV's Group 1-3 UAS such as the P550 eVTOL reconnaissance drone, its Switchblade loitering-munitions family and counter-drone systems in the mould of the LOCUST X3 laser weapon now being fielded by the U.S. Army. Production capabilities are expected to be operational by 2028, and AV Eagle will collaborate with the Hellenic Center for Defence Innovation as well as local industry to shorten fielding timelines. The venture builds on more than a decade of cooperation between AeroVironment and Eyeonix, which is already a NATO-accredited manufacturer and United Nations-accredited supplier of secure communications and incident-management software.
Betting on EU rearmament along the Eastern Flank
"The security environment in Europe has created unprecedented demand for advanced, reliable autonomous systems," AeroVironment Chairman and CEO Wahid Nawabi said, adding that the deal was intended to build long-term manufacturing capacity for Greece and NATO allies. Eyeonix chief executive George K. Strouzakis said AV Eagle would combine "proven U.S. technologies with European innovation" to serve the EU's Eastern Flank, echoing broader industrial-base moves such as Rocket Lab's new Munich subsidiary and Pentagon financing for Performance Drone Works. AeroVironment will consolidate AV Eagle within its financial statements and said its initial capital investment is already included in previously-issued guidance.
Reporting based on coverage from AeroVironment, BusinessWire and Stocktwits.