Creotech Instruments, the Warsaw Stock Exchange-listed Polish manufacturer of satellites, as well as satellite systems and subcomponents, is seeking to raise capital to deliver the Mikroglob program. On 20 December, the company signed a PLN 453 million landmark contract to build Poland’s first military satellite constellation. Awarded by the State Treasury’s Armaments Agency, the contract calls for four microsatellites based on Creotech’s HyperSat platform, along with a ground Mission Control and Image Processing segment. To fund the program, Creotech plans to raise capital by issuing new shares, with the intent to grant pre-emptive rights to qualifying shareholders, where feasible. The Management Board also plans to utilize advance payments from the contract, contingent on providing the necessary bank or insurance guarantees, to cover the remaining costs.

The company has called an Extraordinary General Meeting for 30 January 2025 to approve the share issue. Following approval and subject to market conditions, Creotech plans to issue up to 475,000 bearer shares to qualifying investors.

“We’ve been steadily building Creotech Instruments’ capabilities and strengthening Poland’s space sector for the benefit of all our stakeholders, including employees and investors. The State Treasury’s Armaments Agency selected us at the end of 2024 to deliver the strategic Mikroglob program, with a record-breaking value of PLN 453m net. We have been preparing for projects of this scale and technological complexity since our last public offering, which enabled us to launch Poland’s largest satellite, EagleEye, and expand our production facility to cater to large-scale orders, including microsatellites ranging from dozens to hundreds of kilograms. To ensure smooth execution of the Mikroglob program, we are planning to raise our capital through a share issue. This is the Polish space industry’s most significant contract to date – it is both an honor and a tremendous responsibility. Combined with our product portfolio and existing contracts, this will elevate us into a higher tier of global space companies. The additional funding will help us focus on expanding the Polish Armed Forces’ reconnaissance capabilities through satellite-based Earth observation systems – strengthening national defense capabilities while catalyzing sector growth and marking a milestone in our company’s history,” said Grzegorz Brona, PhD, President of the Management Board (CEO) of Creotech Instruments S.A.

The PLN 453m Mikroglob program is crucial for building Poland’s independent space capabilities, vital for national security. Satellite systems play an essential role in modern conflicts, with NATO having designated space as its fifth operational domain in 2019, alongside land, sea, air, and cyberspace. The contract requires Creotech to launch four microsatellites into low Earth sun-synchronous orbit by 2027, including a ground Mission Control and Image Processing segment. The program will be funded through the EU Recovery Fund.

Creotech Instruments aims to become the EU’s leading provider of microsatellite technology for defense and commercial projects. The company is executing several space missions at various development stages for organizations including the European Space Agency, European Commission, Ministry of National Defense and the State Treasury’s Armaments Agency. The company’s HyperSat satellite platform positions Creotech among select companies capable of delivering advanced microsatellites and complete satellite constellations. Key elements of the HyperSat platform were validated during the EagleEye test mission in 2024. Additional HyperSat-based missions are scheduled for 2025 under the PIAST project for the Ministry of Defense – Poland’s first satellite constellation.

“Between May and December 2023, we completed an industrial feasibility study for the Armaments Agency covering Phases 0-A of the Mikroglob optoelectronic Earth observation microsatellite program. We’re pleased that our growing satellite manufacturing capabilities have been positively evaluated, leading to our selection for the subsequent Phases B, C, D, and E1. This confirms our successful trajectory toward becoming the EU’s leading provider of microsatellite technology for defense and commercial projects. We’re planning to launch at least seven HyperSat-based satellites in 2025-2026, including the 4 Mikroglob microsatellites. The share issue we are planning will help finance initial project expenses. We expect to cover additional costs through advance payments and debt financing as the project progresses. This PLN 453m contract creates excellent prospects for the company. To further motivate our managerial staff involved in this project, we are planning an incentive program of up to 107,000 shares at PLN 130 per share – a 10% discount to our pre-contract share price – contingent on successful project completion,” says Paweł Górnicki, Vice President of the Management Board in Charge of Finance (CFO) of Creotech Instruments S.A.

Creotech Instruments specializes in satellite systems and advanced electronics, including for quantum applications. It is the only Polish company with microsatellite manufacturing capabilities, covering satellites from 10 kg to several dozen kg. A significant milestone was the 2024 launch of the EagleEye test microsatellite, based on the company’s proprietary HyperSat platform. The platform supports a wide array of missions, from technological and scientific to observational, telecommunications, and deep space projects. Its modular design allows for scalability of satellites within the 10-60 kg range and potentially even up to 200 kg in the future.

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