PMV Invests €10 Million in Space Applications Services

Zaventem, 21 October 2026 – PMV (ParticipatieMaatschappij Vlaanderen) is investing €10 million in Space Applications Services. This marks the first defence investment by the Flemish investment company ahead of the creation of its defence fund. Space Applications Services recently attracted international media attention with the unveiling of LUVMI-M, the first Belgian rover set to travel to the Moon in early 2029.

Space technology is now indispensable for communications, observation, navigation, security, and defence. In today’s geopolitical environment, it is becoming increasingly important for Europe to master these technologies itself rather than depend on others. The defence fund is therefore intended to invest in companies with sovereign technologies and capabilities that are relevant to defence, security, and space.

“Flanders is home to many technology companies that can play an important role in strengthening Europe’s defence capabilities. Space Applications Services is an excellent example. Through the defence fund, we want to help companies such as Space Applications Services grow, further develop their technologies, and establish lasting roots in Flanders. In this way, we are building a strong Flemish defence industry step by step, one that can also compete internationally. This first investment makes that ambition tangible,” said Flemish Minister-President Matthias Diependaele.

From the ISS to the Moon

For nearly forty years, Space Applications Services has been developing technologies for the space sector. Its most visible work takes place aboard the International Space Station (ISS). Through ICE Cubes, companies and researchers can gain easy access to space to conduct microgravity experiments.

In May 2026, astronaut Sophie Adenot installed the company’s first orbital data centre on the ISS. In addition, Space Applications Services has contributed to the training of more than 150 astronauts and is a shareholder and technology partner of Starlab, a commercial space station intended to succeed the ISS.

The company recently unveiled LUVMI-M, the first Belgian rover that will travel to the Moon in early 2029. The mission is fully commercial: customers who subscribe can make use of the rover and the data it collects. With this mission, Space Applications Services aims to achieve Europe’s first fully operational commercial lunar rover mission.

Space Technology as a Driver of Defence Innovation

Space Applications Services also applies the expertise and technologies it develops for space missions to defence and security applications. The company uses the same capabilities in robotics, autonomous systems, and mission control software for applications such as naval mine countermeasures and systems that coordinate multiple drones simultaneously across air, land, and sea domains while integrating their data.

Technologies developed for space often find their way into defence applications. Defence increasingly relies on many of the same capabilities, including autonomous systems, robotics, secure communications, and software that enables complex systems to work together effectively.

“Space Applications Services combines deep technological expertise with clear international ambitions. Through this investment, we are supporting a local company active in areas that are becoming increasingly important for Europe’s strategic autonomy. We are pleased to announce this milestone: the first defence investment ahead of the establishment of the defence fund,” said Roald Borré, Head of Equity Investments at PMV.

From Projects to Products

Today, Space Applications Services generates most of its revenue from technology projects for institutional space organisations such as ESA and NASA. Commercial space and defence markets represent major growth sectors for the future, and the company intends to capitalize fully on these opportunities.

The PMV investment will be used to accelerate product development, enabling the company to transform its technologies into products and services that can be sold to multiple customers. Examples include drone solutions for defence and commercial access to the Moon.

“We have ambitious plans, and this investment gives us additional firepower to further develop, commercialise, and scale our technologies internationally,” said Richard Aked, CEO of Space Applications Services.

“We are building on decades of experience in the space industry and are now ready to further expand our position as a partner for advanced space and defence applications.”

About Space Applications Services

Space Applications Services is a Belgian space and defence technology company founded in 1987 and headquartered in Zaventem, Belgium. Over nearly four decades, it has evolved from a specialised engineering organisation supporting human spaceflight programmes into an established provider of integrated space, defence, and ground systems for institutional and commercial customers.

The company designs, develops, integrates, and operates complex systems across three strategic domains: low Earth orbit (LEO), lunar and planetary exploration, and dual-use space and defence applications. Its end-to-end capabilities include systems engineering, robotics, avionics, mission control software, and operational services. Activities are organised into three complementary business units: technology projects, products, and recurring services.

About PMV

PMV is an investment company dedicated to building a sustainable Flemish economy, the foundation of prosperity and well-being in Flanders. PMV partners with ambitious companies and projects that combine societal impact with financial returns.

The organisation finances promising companies from their earliest stages through growth and international expansion. PMV provides tailored financial solutions to entrepreneurs with solid business plans and strong management teams through equity investments, loans, and guarantees.

In addition, PMV develops projects together with government authorities and other partners that contribute to prosperity and well-being in Flanders. PMV manages a portfolio of €4.7 billion in assets. Through its subsidiary PMV Fund Management, it is working on the establishment of a defence fund that will extend beyond Flanders and invest in companies contributing to Europe’s strategic autonomy.