Estonia to Purchase at Least Six South Korean–Made Chunmoo Multiple Rocket Launchers
The Estonian Centre for Defence Investments (ECDI) and representatives of the South Korean defence industry company Hanwha Aerospace have signed a contract for the procurement of six Chunmoo multiple rocket launchers. The contract, worth nearly €290 million, covers the launcher systems, three types of missile systems (CGR-080, CTM-MR, CTM-290), as well as operational and training support. In addition, modifications to the platforms will be ordered to ensure they meet Estonian conditions and traffic regulations. Deliveries will begin in the second half of 2027, and the framework agreement allows for the future procurement of additional systems.
“Estonia began developing its deep-strike capability this April with the acquisition of the U.S. HIMARS systems. Since multiple rocket launchers are of invaluable importance from a military capability perspective, I am extremely pleased that, in addition to U.S. HIMARS, we will now also acquire South Korean Chunmoo systems, thereby significantly enhancing both Estonia’s and NATO’s overall deterrence and defence capability,” said Minister of Defence Hanno Pevkur.
As part of the framework agreement, Hanwha Aerospace will also make investments in Estonia’s defence industry in accordance with the volume and conditions set out in the contract. “As part of the agreement, the company will invest one-fifth of the total procurement contract value in Estonian industry. The initial investment should return amount value of €40~60 million to Estonian defence industry companies,” explained Katri Raudsepp, Acting Director General of the Estonian Centre for Defence Investments (ECDI).
Read full announcement (external link)
Originally published on 21 Dec
Announcements are published as a service to readers. The sender is responsible for all content. Announcements for publication can be submitted to announcements@thehanseatic.com.
The coalition parties have agreed that either the state or Elering will support the construction of energy storage capacities. The Ministry of Climate historically believed energy storage would be built on market demand. The Ministry of Education and Research, Kristina Kallas stated, “If we purchase offshore wind energy on a large scale and develop these capabilities, we must also ensure that we have the infrastructure for long duration energy storage.” She emphasised that constructing an offshore wind facility without appropriate energy storage poses a significant risk of energy being exported.
Read full announcement (external link)
Originally published on 27 Jan
The Estonian Ministry of Economic Affairs and Communications has announced the launch of a €100 million Defence Fund, established to support the development of innovative defence and security capabilities to meet the growing global demand for new solutions. Managed by national fund manager SmartCap, the fund will provide direct investments to defence companies and funds investing in military and dual-use technologies.
Read full announcement (external link)
Originally published on 21 Jan
Doubts have been raised about Energiø Bornholm’s relevance and economy, but the project has never been more important. Besides being a crucial project in the European fight against climate change, the energy island has every opportunity to become a good business for Denmark.
Read full announcement (external link)
Originally published on 15 Jan
US healthcare products manufacturer Hollister Incorporated is expanding its Lithuanian operations. This month, the company has officially opened its financial services center, Hollister SSC Lithuania, complementing its manufacturing facility, Hollister Lietuva, located in the Kaunas Free Economic Zone. Building on this growth, the company has announced plans to establish a new product development (NPD) center at its Lithuanian facility later in the year.
Read full announcement (external link)
Originally published on 14 Jan
Estonia opened the first Business Hub in U.S. Located at the Embassy of Estonia in Washington, D.C., the Business Hub will serve as a bridge between Estonian companies and the vast business opportunities in the U.S. market. A delegation of Estonian defence industry innovators was present at the opening event, also attending the annual AUSA conference.
Read full announcement (external link)
Originally published on 17 Oct