The venture was formed with Athens-based Eyeonix SA. It follows the completion of a definitive shareholders agreement and foreign direct investment approval from the Hellenic Republic Ministry of Foreign Affairs.
AV Eagle is expected to become operational in fiscal year 2027. It builds on more than a decade of cooperation between AeroVironment and Eyeonix.
The venture will give AeroVironment a platform for future investment, localization and production. It is also intended to help the company pursue defense opportunities in Greece and across the wider European market.
“The security environment in Europe has created unprecedented demand for advanced, reliable autonomous systems,” said Wahid Nawabi, AeroVironment’s chairman, president and chief executive officer. He said the venture would build “long-term capacity with Greece and our NATO allies and partners” while expanding local industrial opportunities.
Potential activities include establishing a new manufacturing and assembly facility in Greece. The plant would supply defense and civil protection customers in Greece and other European markets.
Production capabilities are expected to be operational by 2028. Employment opportunities are expected to increase as production activity develops.
AV Eagle will also work with local companies and the Hellenic Center for Defence Innovation. The cooperation will focus on faster fielding, allied readiness and supply-chain resilience.
George K. Strouzakis, chief executive officer of Eyeonix, said the need for “interoperable, scalable, and sovereign unmanned and counter-UAS capabilities” had “never been more critical.” He said the venture would support modernization and align with evolving European Union defense doctrines.
Strouzakis said the companies would combine “proven U.S. technologies with European innovation and integration expertise.” The venture will also seek to use emerging financing instruments to speed capability deployment.
AeroVironment will hold a majority ownership interest in AV Eagle. The venture will be consolidated in the company’s financial statements.
AeroVironment said its initial capital investment was included in its previously issued financial guidance. The company did not provide the size of the investment.
