ELVO eyes participation in “Achilles Shield” defence program

30/03/2026 - 07:06

ELVO has expressed interest in participating in the “Achilles Shield” defence program.

According to sources, ELVO has sent a letter to the political and military leadership of the Ministry of National Defence, as well as to the General Directorate for Defence Investments and Armaments, formally stating its intention to take part in the 3.0-billion-euro “Achilles Shield” procurement program, which was recently approved by the Government Council for Foreign Affairs and Defence (KYSEA). The program concerns a missile defence “dome” with anti-ballistic and counter-drone capabilities, including the necessary Command & Control systems, aimed at strengthening Greece’s defensive architecture and expected to be operational by 2030.

At the same time, Greece is activating a 12-year defence modernisation plan worth 28 billion euros (2025–2037). Within this framework, a 25% domestic participation target is expected to generate added value for the Greek economy, benefiting sectoral companies, human capital, industrial capacity, and the country’s long-term international footprint in defence production.

Market participants described this as a shift in defence spending towards a strategic economic instrument, effectively functioning as a form of “Recovery Fund” with significant impact on both the economy and society. They added that this approach could foster the development of a robust domestic defence subcontracting sector, while integrating Greek companies into the global supply chains of major multinational defence groups, thereby creating long-term multiplier effects.

ELVO has stated that it is ready to undertake the production of part of the program at its facilities in Sindos, Thessaloniki, in line with the policy of ensuring at least 25% participation of domestic defence companies in national procurement programs. The aim is to leverage ELVO’s expertise and the local workforce, create new jobs, and mobilise productive resources—driving growth in Northern Greece. According to information, ELVO has already launched recruitment processes and is hiring technical staff.

Defence programs as a “Recovery Fund” type instrument

It is worth noting that the approval by KYSEA of a 5.0-euro-billion procurement package—which, in addition to the “Achilles Shield”, includes programs for both the Hellenic Navy and the Hellenic Air Force and forms part of the Long-Term Defence Procurement Planning under the “Agenda 2030”—brings to the forefront the potential for 25% participation of Greek defence companies in production or co-production within this package.

In this context, the added value generated by the approved€5 billion package could reach approximately 1.25 billion, delivering substantial multiplier benefits for the Greek economy and the domestic defence industry.

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Πηγή: naftemporiki

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