The Defence Foundation

Book launch! 🚀

Today at 16.00 CET we will launch the book "Security of supply - vulnerability and weapon. The Geopolitics of Value Chains."

Please join us here: https://teams.microsoft.com/meet/33507427151398?p=JCqOzDEgI7QtFnFGHT

Speaking at the webinar:

➡️ Tyler Jonathan Rodriguez, The George Washington University
➡️ Arnold Dupuy, Ph.D., The George Washington University
➡️ Justin Berman, PhD, US Army Corps of Engineers
➡️ Roland Hellberg, Försvarshögskolan
➡️ Besmir Shurda, Canadian Armed Forces | Forces armées canadiennes
➡️ Tobias Larsson, Altana
➡️ Imran Bayoumi, Atlantic Council
➡️ Kristina Sandklef
➡️ Jacob Hugosson, Semi14

The book is available here:
https://www.adlibris.com/sv/bok/security-of-supply-vulnerability-and-weapon-the-geopolitics-of-value-ch-9789198335873

The book is funded by The Defence Foundation and published by Security of Supply Centre of Excellence.

KNDS, the Franco-German land systems manufacturer, has now officially confirmed plans for an initial public offering next year.

According to the company, the listing is intended to take place in both Paris and Frankfurt, subject to market conditions. The IPO is described as a key enabler of KNDS’ long-term growth strategy, aimed at broadening access to capital markets and supporting continued investments in industrial capacity, technology, and innovation.

The confirmation follows earlier reporting by Bloomberg, which accurately outlined both the planned timing and the ambition for a dual listing. Bloomberg also reported that KNDS is targeting a valuation of around EUR 20 billion.

KNDS is a major European defence industrial actor, best known for manufacturing the Leopard 2 main battle tank, among other systems. The company is widely expected to benefit from sustained increases in European defence spending and has previously been mentioned as a potential strategic interest for Rheinmetall.

If realised, the IPO would mark a significant milestone for the European defence industrial base, underlining both the scale of current rearmament efforts and the growing role of capital markets in financing defence production and innovation.

Tankmaker KNDS Is Said to Affirm IPO Plans as Soon as This Week KNDS NV’s board has decided to pursue an initial public offering for the Franco-German tankmaker amid surging demand for defense stocks and potential interest from rival Rheinmetall AG.

Poland has officially received its first batch of domestically produced Borsuk infantry fighting vehicles, with 15 units delivered to the 15th Gieżycka Mechanized Brigade under a 2025 contract for 111 vehicles. The Borsuk IFVs, built by Huta Stalowa Wola of the PGZ group, will replace aging BMP-1s and form the backbone of two newly rearmed mechanized battalions. Each vehicle features the advanced ZSSW-30 remote turret, equipped with a 30 mm Bushmaster II cannon, Spike-LR ATGMs, modern optics, and a Polish fire-control system. Poland ultimately plans to field more than 1,400 vehicles based on the Borsuk platform, including over 1,000 IFVs and 400 specialized variants.

Poland’s announcement that it has selected Sweden’s Saab to deliver three A26 submarines under the “Orka” programme marks one of the most consequential defence-industrial decisions in the Baltic region in recent years.

At an estimated value of around 10 billion zloty, the deal reflects Warsaw’s accelerated efforts to strengthen its maritime posture following Russia’s invasion of Ukraine. It also underscores a broader strategic shift: a deepening Baltic security alliance built on interoperable capabilities, shared situational awareness and industrial cooperation between Sweden and Poland.

Several aspects stand out.

First, the choice of the A26 platform confirms Sweden’s technological lead in littoral submarine warfare. Saab has not secured an export order of this scale since acquiring Kockums in 2014, and the Polish order represents a genuine breakthrough for the company.

Second, Sweden’s commitment to provide a gap-filler submarine and to purchase Polish armaments as part of a wider cooperation package demonstrates that this is not a one-directional procurement, but a strategic partnership. It ties both countries closer together at a time when the Baltic Sea has become a focal point for hybrid activity and seabed-infrastructure vulnerabilities.

Third, the strategic value extends beyond Poland and Sweden. With British components integrated into the submarines, and with Sweden emphasising seabed warfare capabilities, this procurement strengthens the tri-national undersea posture in the Baltic and reinforces NATO’s capacity to deter and respond to attacks on critical underwater infrastructure.

As Sweden’s Ambassador to Poland noted, this is Europe taking greater responsibility for regional security. The coming years will show how Poland and Sweden translate industrial cooperation into operational advantage, but the direction is clear: tighter alignment, shared capabilities and a strengthened maritime deterrent across Northern Europe.

Today’s official presentation of the new Leopard 2 A8 and PzH 2000 for the Bundeswehr, together with the Leopard 2 A8 for the Norwegian Armed Forces, marks a significant step forward for European land-power capabilities. The roll-out at the KNDS site in Munich, attended by German Defence Minister Boris Pistorius, Bavarian Minister-President Markus Söder, Norwegian State Secretary Marte Gerhardsen, and representatives from across Europe, highlights not only industrial progress but a deepening political and military alignment.

This event underscores how modernisation of core land systems is increasingly becoming a shared European endeavour. Germany, Norway, Lithuania, the Netherlands, and Czechia are now fully committed to a coordinated procurement path, strengthening both interoperability and long-term resilience within NATO and the broader European security architecture.

Beginning in 2026, the new systems will be delivered to the troops. Production will take place in Munich and through a network of European partners, illustrating how defence industrial cooperation has evolved into a strategic capability in itself. The Leopard 2 A8 brings a new generation of protection, electronics, and networked communication to the battlefield, while the PzH 2000 continues to set the standard for mobility, precision, and sustained firepower.

As Europe reorients its defence posture in an increasingly unstable world, today’s roll-out raises an important question: are we prepared to scale this kind of cooperation to meet the full spectrum of future challenges?

Venture capital investments in European defence and security companies have never been as large as they are today, according to a report from NATO’s innovation fund NIF and the platform Dealroom, published in February 2025. Compared to the previous year, investments increased by 24 percent in 2024, reaching 5.2 billion dollars.

Overall, the venture capital market in Europe has declined by 45 percent during 2023 and 2024, while investments in defence and security companies have risen by 30 percent over the same period.

Within the industry, there is now a “gold rush atmosphere,” according to European company founders.

A.I. Fighter Jets and Cockroach Spies: Inside the Changing Business of War Russia’s war on Ukraine changed the course of a generation of start-ups and investors that have applied a new business model to Europe’s military buildup.

Swedbank Robur has launched a new actively managed global equity fund called Security and Defence, with a focus on three core themes: defence, cybersecurity, and civil preparedness.

This fund seeks to invest in companies that contribute to resilient societies, aligned with UN Sustainable Development Goal 16. It will hold 20–40 holdings, spanning sectors such as defence systems, drones and counter-drone technology, cybersecurity including network and cloud solutions, identity and access protections, and critical infrastructure protection.

The strategy is global, intended to capitalize on opportunities worldwide while maintaining geographic diversification to support balance in the portfolio. The fund trades daily and carries a management fee of 1.25 %.

Security and Defence is a new fund for a new reality — an expression of belief that demand for security solutions will remain strong over time, and that these sectors often act as countercyclical shields during uncertainty.

This initiative reflects how investment strategies are evolving in response to changing global risks and priorities. I look forward to seeing how this fund develops and contributes to building more resilient societies.

Pressmeddelanden Sök bland alla Swedbanks pressmeddelanden och de senaste pressmeddelandena. Sök efter regulatoriska pressmeddelanden.

Sweden’s Ministry of Defence has released its first-ever Defence Industry Strategy, a landmark policy document that places innovation, production and cooperation at the heart of national security. The strategy reflects the gravity of the current security situation, with Russia’s ongoing war against Ukraine and the urgent need for Europe to strengthen its defence industrial base.

The document makes clear that Sweden’s defence industry is not just a supplier of equipment, but a security policy instrument in itself. With a population of only ten million, Sweden remains unique in being able to develop and produce advanced submarines, combat aircraft, artillery systems, vehicles and sensors. Yet the government stresses that rearmament must accelerate, and that industry and state must work more closely to ensure delivery capacity, innovation speed, and resilience in supply chains.

The strategy identifies three priorities: strengthening innovation by shortening the path from idea to operational capability, boosting production capacity to meet the high consumption of modern warfare, and deepening cooperation both domestically and internationally within NATO, the EU and with key partners. It also calls for stronger integration of small and medium-sized enterprises into the defence market, increased export support, and enhanced collaboration with Allies on joint procurement and capability development.

By linking heavy state investment with demands for efficiency, speed and innovation, the Swedish government signals that the defence industry must grow, adapt and assume a central role in both deterrence and long-term resilience. The Defence Industry Strategy is not just an industrial roadmap, but a declaration that Sweden’s defence industry is integral to national and European security.

https://www.government.se/contentassets/5f28e25c735a462bb41cc5c2c6c65baa/defence-industry-strategy-for-a-stronger-sweden.pdf

Sweden’s new counter-drone system Loke has been put to the test — and passed with flying colors.

For the first time, the “Loke” counter-drone concept was deployed during NATO operations in Poland, protecting allied bases and critical logistics hubs. The system combines radar, electronic warfare, and remote weapon stations to detect and neutralize drone threats.

Developed by Flygvapnet, FMV Försvarets materielverk, and Saab, Loke has gone from idea to an operational capability in less than a year. A true example of rapid innovation and teamwork in action.

German defense minister Boris Pistorius and his Swedish counterpart Pål Jonson say that Germany and Sweden are not in talks aimed at securing a new Future Combat Air System (FCAS) partner to replace France, despite tensions between Berlin and Paris.

The disclosure came during a press conference addressing defense cooperation with Stockholm in Berlin Tuesday. When asked whether Germany was exploring alternatives to French participation amid an industrial dispute over how to move forward with the forthcoming Phase 2 technology demonstrator, Pistorius said, “No such discussions are taking place.”

The FCAS, a collaborative effort between Germany, France and Spain, aims at developing a next-generation fighter jet and associated systems to replace aging fleets of Eurofighter Typhoon and Rafale by 2040. The program, which includes Airbus, Dassault and Spain’s Indra, is Europe’s push to modernize defense capabilities and technological autonomy.

Germany and Sweden not discussing FCAS partnership, say defense ministers - Breaking Defense "A decision must and will be made regarding whether and how FCAS will continue” said German defense minister Boris Pistorius.

Germany is moving closer to a decision on how to fill the looming airborne early warning gap, with Saab’s GlobalEye surveillance aircraft now seen as the frontrunner. Defense Minister Boris Pistorius said this week that while no final choice has been made, the Swedish-built platform is “in pole position.”

The debate comes as NATO prepares to retire its fleet of Boeing E-3A AWACS aircraft, long based in Geilenkirchen. These planes have provided the alliance with strategic airborne surveillance for decades, but their age and rising maintenance costs have forced NATO to plan for decommissioning. Without a replacement, Germany would lack a national airborne early warning and control (AEW&C) capability and be entirely dependent on allies.

Saab’s GlobalEye, based on the Bombardier Global 6000/6500 business jet and equipped with the advanced Erieye ER radar, offers wide-area air surveillance, maritime patrol, and ground target detection. The system is already in service with Sweden and the United Arab Emirates, and has been ordered by additional customers. For Germany, it is attractive as a mature, readily available solution to close the capability gap.