The announcement by Frankenburg Technologies is the latest sign of European arms producers’ interest in opening up production facilities on Ukrainian soil. In February, German manufacturer Rheinmetall AG announced it would open a new plant in Ukraine to produce artillery ammunition.
Ukrainian Prime Minister Denys Shmyhal said in March that the country had signed five contracts with foreign arms companies to found joint enterprises in Ukraine. “In the future, there will be dozens of joint productions,” he said at a press conference.
Frankenburg Technologies was established in January with the involvement of leading figures in the Baltic country’s defense and technology industries. The company is being advised by Estonia’s recently retired top military commander Martin Herem and chief executive officer of Milrem Robotics Kuldar Vaarsi has joined as a strategic investor.
The company’s cofounder is Taavi Madiberk, chief executive of Estonian supercapacitor maker Skeleton Technologies which has investments in Germany and France and a technology partnership with Siemens. Frankenburg Technologies’ indirect owners include Margus Linnamäe, one of Estonia’s richest businessmen, according to company filings.
The company has appointed Sergiy Koshman, who has previously worked as an expert for the Ukrainian president’s office and at Nokia Siemens Networks, as CEO in Ukraine, the Baltic News Service reported.
