U.S. defense technology company AeroVironment has established a joint venture in Greece with local partner Eyeonix, expanding its presence in the country's defense market as Athens moves toward acquiring American-made loitering munitions.
The new company, AV Eagle, was incorporated with initial share capital of €100,000, according to corporate registration documents. AeroVironment holds an 80% stake, contributing €80,000, while Greek telecommunications and defense systems company Eyeonix owns the remaining 20%. The venture will market unmanned aerial vehicles, autonomous defense systems, loitering munitions and counter-drone technologies. Its activities also cover aircraft components, electronic equipment, detection systems and security technologies.
AeroVironment executive Wahid Nawabi was appointed chairman of the four-member board, with Kristy Benson serving as vice chairman and Trace Stevenson as chief executive. Eyeonix head George Strouzakis also joins the board. The partnership comes as Greece seeks to strengthen its military capabilities amid growing demand for advanced drone technology.
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AeroVironment, which has operated for more than five decades, is best known for its Switchblade family of loitering munitions—small, expendable drones designed to identify and strike targets. About four months ago, the U.S. State Department approved a possible Foreign Military Sale of Switchblade 300 Block 20 systems to Greece, valued at an estimated $80.1 million.
The proposed acquisition had previously received approval from Greece's Government Council for Foreign Affairs and Defense, the country's senior national-security decision-making body. The American authorization allows the potential transaction to proceed but doesn't constitute a finalized purchase agreement.
Eyeonix already represents AeroVironment in Greece, positioning the new venture as a more formal commercial partnership between the two companies.
Strouzakis previously attracted public attention in 2020 over his appointment to a government committee evaluating a controversial remote-training program for professionals. The initiative became a political embarrassment after widespread criticism of its training materials and online platforms, prompting the government to abandon the program.
Strouzakis has maintained a professional focus on security and defense systems. The establishment of AV Eagle gives AeroVironment a locally incorporated platform to pursue opportunities in Greece's expanding market for unmanned military technologies, although the companies haven't disclosed revenue targets or specific contracts for the venture.
