This partnership marks NIB’s first foray into defence-related financing since the Bank revised its Sustainability Policy exclusion list last year. The updated policy now permits defence financing, provided it excludes weapons and ammunition.
Savox Communications will use the funding to strengthen its position in the field of wireless communication and integrated data solutions. Central to this advancement are rugged, modular communication systems designed to ensure seamless situational awareness in all operational settings.
André Küüsvek, NIB President & CEO, commented on the strategic significance of the loan: “This R&D loan marks a strategic milestone as NIB enters defence industry financing for the first time since we revised our policies. We see financing expertise in this area as essential to strengthening the NB8 region’s resilience and long-term security.”
Jerry Kettunen, CEO of Savox Communications, expressed his satisfaction with the cooperation: “We are very pleased with NIB’s approach and how seamlessly our collaboration has taken place. This funding will be used to accelerate the development of next-generation data solutions for the defence sector. It is significant that NIB has identified the defence sector as a strategic area of focus. This support contributes to the internationalisation of both Finnish and Nordic defence industries and enhances the defence capabilities of our region.”
Founded in 1982 and headquartered in Finland, Savox Communications has established itself as a leader in communication solutions and personal protective equipment for critical environments. The company employs over 300 people globally and continues to expand its footprint in the defence and security sector.
Source: Nordic Investment Bank (NIB).
