NEWS Banks are a "dead end" for startup capital. Denmark has added another step A Swedish startup turned to investors and innovation funding before approaching a bank. Denmark has added a step to bridge precisely that early financing gap When Swedish defence startup Valkyr Defense needed its first outside capital, chairman and founder Peter Arndt did not approach a bank. He already assumed the answer would be no. Instead, the Malmö-based company turned to private investors and Swedish stateowned business developer ALMI, raising SEK 4.3m as it developed a prototype for a system designed to defend soldiers and vehicles against small FPV drones. - Banks can't actually support startups. They can't put money into businesses without history and revenue. The risk is too high, Arndt tells Defence Nordic. - From our point of view, it's not possible. It's a "dead end" from the beginning. The experience illustrates a financing problem that begins before conventional bank lending becomes relevant: young defence companies need capital to develop and prove their technology before they have the revenues and track record banks typically assess. The basic sequence is similar across Denmark and Sweden. Innovation support and private investors come first. Banks enter later. But Denmark has added another step in between. Before the bank Through the Export and Investment Fund of Denmark, EIFO, early-stage companies can access a match loan alongside private investment. If an investor puts up DKK 3m, EIFO can match the investment with a loan of up to DKK 3m, giving the company DKK 6m in financing without requiring it to be ready for conventional bank debt. The instrument effectively combines the two forms of capital Peter Arndt says he would have preferred for Valkyr Defense. - I would prefer a combination of a loan and investors because it's going hand in hand, he says. For Arndt, investors are better suited to assessing a company before it has a financial history. - The banks never look at high risk possibilities, it is not their business model. They just look at history. Investors look at the future and upcoming possibilities. Valkyr combined its private investment with support from ALMI to build its prototype and secure its first paying customer. Only now does Arndt see conventional bank financing becoming a realistic next step. According to Arndt, Sweden does not offer Valkyr a direct equivalent to EIFO at the very beginning of a company's journey, such as a matching loan. However, ALMI offers similar financing solutions once the company has taken its first steps, secured its first investors, and acquired its first customer. Banking rules and public financing frameworks differ across the Nordic countries, meaning the Swedish experience cannot be directly applied to Denmark. But EIFO is still asking why more companies are not eventually reaching the banks. - It's actually a recurring question here at Drones, automation and robotics were among the main themes as the Danish Ministry of Defence Acquisition and Logistics Organisation (DALO) gathered a record number of companies for last years Industry Day. Credit: Forsvaret/ Lars Bøgh Vinther 36 Defence Nordic // Autumn 2026 EIFO, says Henrik Holst Elstrøm, Where do the managing director companies go if and head of mid-size & global risk. not to the banks - Where do the Henrik Holst Elstrøm, companies go if not managing director at EIFO to the banks? We would have expected to see greater interest from companies. That said, we remain confident that this will change over time. When banks enter The calculation changes as companies mature. Once a supplier has customers and larger orders, financing is no longer primarily about proving that a product has a market. The company instead needs working capital to buy materials, hire staff and increase production before customers pay. Elstrøm has previously described Danish suppliers with revenues of DKK 15-20m suddenly receiving orders worth DKK 100m. This is where banks - backed by public guarantees - become more relevant. Sweden's export credit agency EKN follows a similar logic. It typically assumes 50 per cent of the risk alongside commercial banks when companies need financing to grow. - The commercial banks are exactly that: commercial. They have shareholders and they need safe returns, Carl-Johan Karlsson, EKN's Head of SMEs and Mid-Corps, previously told Defence Nordic. The bank, in other words, is not necessarily missing from the financing chain. It comes later. For Valkyr, investors and innovation support financed the first steps. Denmark's match loan provides companies with an additional bridge before the bank. And once revenues and orders arrive, conventional lending becomes a more natural part of the mix. When Arndt was told about the Danish financing options, his reaction was immediate. - If you can put him in contact with me, it would be great, he said. Valkyr is based in Malmö. - Copenhagen is just half an hour away. Autumn 2026 76 pages of essential Nordic defence news Photo: Pontus Lundahl/TT/Ritzau Scanpix The frigates of the future NEWS Brand new missile fits really well with new trend in warfare The new long-range missile is designed to give the US and European allies an affordable way to build up large stockpiles for conflicts with Russia and China By Oliver Bærentsen olba@nordiskemedier.dk Cheap missiles and lots of them DESIGNED FOR THE FIELD Rohde & Schwarz SIGINT/EW solutions. At Rohde & Schwarz, we combine German engineering expertise with field experience. Our interdisciplinary teams of engineers and former soldiers are passionate about developing holistic SIGINT/EW systems from sensors to signal processing an NEWS Isar Aerospace's Spectrum rocket blasts off at Andøya Space in Arctic Norway. Photo: Isar Aerospace Historic launch exposes Europe's massive gap to SpaceX According to an expert Europe still lacks the launch capacity and capital needed to challenge US dominance in space - The launch is a mil PDSVISION Mission-Ready Engineering Built for aerospace and defense. Designed for whats next Engineering Thats Ready for the Mission Deliver capability faster. Maintain compliance. Reduce program risk. Built for aerospace and defense organizations that need to: Modern aerospace and defense progr NEWS Europe turns to Israel for defence technology despite political tensions European countries are deepening their defence ties with Israel, driven by the military experience of young conscripts and the countrys specialised technology By Jesper Lesager jle@nordiskemedier.dk European countries a Ste e l g oin g strong Since 1866 We are a trusted partner in the Nordic steel industry and supply chain. And with the widest and deepest assortment of steel, we can supply both standard steel and special grades to the defense industry. Denmark Carsten Holmgaard Sales Director Denmark +45 51 23 64 NEWS The Bradley survived four decades of war. Now its successor from Rheinmetall is here The beloved M2 will be replaced by a german made hybrid-electric IFV By Oliver Bærentsen olba@nordiskemedier.dk Operation Desert Storm, the Iraq War and the battlefields of Ukraine. The M2 Bradley Fighting V Behind the mission Militära uppdrag ser olika ut. Men de har en sak gemensamt: Taktiska IT-systemen som aldrig får svika. På MilDef förstår vi de utmaningar våra kunder står inför, och vilka krav som ställs på varje lösning. Våra lösningar är beprövade där det räknas inte på papper, inte i teorin, NEWS Latvia drops Swedish system for Czech howitzers Latvia and Sweden signed a letter of intent in June 2025 for the potential acquisition of 18 Archer systems Latvia has chosen to acquire Morana 155 mm self-propelled howitzers from Czech manufacturer Excalibur Army instead of Swedens Archer syste NEWS MilDef to expand Swedish production site - The expansion is a result of growing customer demand in the Nordic region, CEO Daniel Ljunggren said. Photo: JannLipka/ Mildef The new facility is expected to be operational in the first quarter of 2028 Swedish defence technology company MilDef is e NEWS Gomspace delivers satellite solutions aimed at both commercial companies and governments. Photo: Gomspace Satellite manufacturer is chasing defence billions CEO Carsten Drachmann is confident that the Danish space group GomSpace can turn its new defence push into sizeable business. The accoun sesnordicgroup.com We are Nordic. SES Nordic Group consist of four companies located in Sweden, Norway & Finland. Our focus is in the Nordics and Northern Europe, where we provide advanced new vehicle assembly, as well as capability design, integration, maintenance and upgrades on existing platform NEWS Denmark signs nine-figure deal for additional air defence missiles Denmark has awarded MBDA a EUR 107m contract to supply additional VL MICA missiles and upgrade the countrys existing air defence systems By Jesper Lesager jle@nordiskemedier.dk Denmark has signed a EUR 106.99m contract with m Försvarsindustrin växer. Vi har lokalerna. 18 JUST NU LEDIGA LOKALER I MELLANSVERIGE Ankarhagen utvecklar och förvaltar lokaler för verksamheter där säkerhet, robusthet och kontinuitet är avgörande. Vi har lång erfarenhet av fastigheter för verksamheter med höga krav på säkerhet, sekretess, skals NEWS French President Emmanuel Macron (R) and Swedish Prime Minister Ulf Kristersson pose aboard a Swedish Navy CB90 fast assault craft in Stockholm, Sweden, on August 31, 2026, ahead of a bilateral meeting and the signing of a 4.3-billion-euro contract for Sweden's acquisition of four French-built ADVERTORIAL Defence equipment requires the right partner A truck for the armed forces or emergency services requires extensive upfitting before it is ready for the demanding tasks ahead. The countrys many truck bodybuilders can turn to wholesaler and manufacturer BEVOLA as a strong partner now als ADVERTORIAL The path to robust defence technology EKTOS Group helps suppliers and subcontractors turn proven electronics technologies into robust, documented and scalable solutions through expertise, development, testing, compliance and production. Sensors, control systems, cameras, communications 19+ YEARS IN RUGGEDIZED SOLUTIONS DEFENCE & DUAL-USE ELECTRONICS ONE PARTNER. ONE LIFECYCLE. ZERO SEAMS. Trusted by Ukrainian Forces Full lifecycle of Ruggedized Defence & Dual-use electronics. Hardware. Software. DESIGN & DEVELOPMENT TESTING & QUALIFICATION MANUFACTURING & SCALE COMPLIANCE FEATURE Denmark needs new frigates and would be wise to keep a close eye on drones and emerging technology, two former Danish Navy chiefs say. Photo: Ida Marie Odgaard/Ritzau/Scanpix 20 Defence Nordic // Autumn 2026 The frigate of the future could serve as a mothership for drones The Danish Navy still needs combat-capable frigates, but the next generation should be designed fundamentally differently and not bought off the shelf, two former Danish Navy chiefs say Defence Nordic // Autumn 2026 21 FEATURE By Sophie Bavnhøj soba@nordiskemedier.dk A lthough drones have taken over the battlefield in Ukraine, frigates are by no means a thing of the past for the Danish Navy. But the naval warfare of the future will require frigates of an entirely different calibre than those in service today. T - And that is the whole point. We need to be able to enter with supply ships to resupply the Baltic nations and fight our way into recaptured territory. Unique waters require unique solutions But focusing exclusively on the situation in the Baltic Sea would be a mistake, Torben Mikkelsen stresses. FEATURE After 42 years in the Danish Armed Forces, Torben Mikkelsen hung up his uniform in 2024. Photo: Celina Dahl/Ritzau Scanpix Continued from page 23 tish Navy is working to turn the idea, or concept, of a hybrid fleet capable of handling future missions into reality. Drones can monitor Danish ANNONCE ADVERTORIAL When sound becomes an additional sense Modern sensors, real-time beamforming, DSP and AI allow acoustics to be used for applications including detecting and locating drones, monitoring critical infrastructure and identifying faults in military equipment. BY FLEMMING ØSTERGAARD FEATURE Contenders for Denmarks Shipbuilders from across Europe are positioning themselves for a competition that still lacks political definition, with Rheinmetall making the latest moves By Kevin Landor Laursen kll@nordiskemedier.dk M ore than a year after Denmark was expected to decide on new Frigate Programme Major shipbuilding nations compete for the only remaining frigate programme. Photo: Rheinmetall, Naval Group, Babcock, Navantia. ved their first ships, while Sweden is negotiating for four FDIbased frigates. Naval Group says a Danish vessel could arrive in 2030 if ordered in 2026, NEWS Alfonso Valea González, Navantias Commercial Director for Europe. Photo: DefenseHere/YT One issue could undermine Navantias Danish frigate bid The Spanish shipbuilder says its F-110 frigate is on schedule and ready for Danish industry. Madrids rejection of NATO target could be the harder sell -DELTA ONE TO DELTA FOUR, OVER NEXT MOVE MATTERS! CHOOSE PREMIUM HYDRAULIC COMPONENTS HOSES & FITTINGS HYDRAULIC SYSTEMS HYDRAULIC COMPONENTS SYSTEM DESIGN & ENGINEERING PRODUCTION & ASSEMBLY IN SWEDEN Reliable, optimized hydraulic solutions since 1970. Responsibly sourced from European suppliers. FEATURE Pirates shot a boat to pieces. Now Steen Ulrich is building a tougher one Danish boat builder has sights set for defence sector with small versatile boat NIMON TACTICAL BOAT Lenght: 12 meters Weight: 7 tonnes empty Top speed (unloaded): 43 knots Engines: Two 440 horsepower Volvo Penta Fuel By Oliver Bærentsen olba@nordiskemedier.dk A 2021 firefight between Danish frogmen and suspected pirates in the Gulf of Guinea left a former special forces soldier wondering: Why wasnt there a boat that could provide better protection for the troops? - Their boat was shot to pieces. The frogmen we FEATURE The seats are raised and cushioned by a gas cylinder. Photo: Oliver Bærentsen Steen Ulrich, CEO of Nimon Boats. Photo: Oliver Bærentsen The rear of the boat showing the payload deck area. Photo: Nimon Boats Nimon Tactical Boat weighing 7 tonnes. Photo: Nimon Boats Continued from page 31 Get the best of Defence Nordic in your inbox In our newsletters, we handpick the Nordic defence industrys most important news and stories and deliver them straight to your inbox. SIGN UP FOR OUR FREE NEWSLETTER HERE Read more at defencenordic.com ADVERTORIAL Port Esbjerg covers more than 5.3 million square metres and receives approximately 6,000 vessel calls annually. At Port Esbjerg, hybrid attacks have become part of everyday life Strengthening security policy involves more than preparing for war. Hybrid attacks continually target criti ADVERTORIAL A drone airport is being built at Port Esbjerg, which is also testing underwater systems, microgrids and AI-based surveillance solutions. Photo: Port Esbjerg can see only the picture presented by the ports own operations and would like the state to share information about possible scen NEWS Banks are a dead end for startup capital. Denmark has added another step A Swedish startup turned to investors and innovation funding before approaching a bank. Denmark has added a step to bridge precisely that early financing gap When Swedish defence startup Valkyr Defense needed its first ou www.borga.se 0511-79 18 40 BEREDSKAP KRÄVER PLATS ATT VÄXA. Vi bygger stålhallar för försvar, beredskap och industri Vi på Borga projekterar, tillverkar och bygger stålhallar för produktion, lager, logistik, verkstad, underhåll och fordonsförvaring. Med egen tillverkning, egna konstruktörer och ö NEWS Nordic banks answer defence-sector critics Defence companies accuse banks of being too rigid and unwilling to take risks. Danske Bank and DNB push back By Kevin Landor Laursen kll@nordiskemedier.dk Amalie Møller Rydendahl has heard it all before. That banks are too cautious, too rigid and to Get the best of Defence Nordic in your inbox In our newsletters, we handpick the Nordic defence industrys most important news and stories and deliver them straight to your inbox. SIGN UP FOR OUR FREE NEWSLETTER HERE Read more at defencenordic.com ADVERTORIAL Custom-developed doors and gates keep security under control DAN-doors in Skanderborg has many years of experience in tailoring door and gate systems for customers with highly specialised requirements for fire protection, security and ease of access. These include data centres, industri ADVERTORIAL The double door with an opening top panel combines the RC4 security rating and EI120 fire rating with full-height clear access when large server racks or equipment need to pass through. Photo: DAN-doors For everyday use, the door opens to a standard height. The top panel opens like a t NEWS Military intelligence service warns of possible attacks on defence companies and CEOs New threat assessment warns of an escalation of Russian hybrid attacks By Oliver Bærentsen olba@nordiskemedier.dk - We see attacks being planned against companies in the defence sector. These can target the ADVERTORIAL From owner-managed specialist to a new phase of growth After 30 years as an owner-managed specialist, Scanfiber Composites has a new owner and a new CEO. Backed by Fjord Defence Group, the company is now set to expand capacity significantly, broaden its customer base and strengthen its NEWS On Ukraines battlefields, defence products are outdated in months: - You need to adapt constantly Svyatoslav Posmetnyy, Country Director for Ukraine for MyDefence. Photo: MyDefence Defence companies need boots on the ground in Ukraine if they want to keep up with the pace of R&D Ukrainian en HÖGSÄKERHETSLOGISTIK. PÅ RIKTIGT. Loomis levererar säker och spårbar transport och lagring av affärskritiskt gods. I Sverige och globalt. Manipulationssäkra lösningar och anpassat emballage för dokument, försändelser och känslig utrustning via Loomis eStore. Loomis Sverige AB 010-163 63 00 securelo FEATURE Italian prime successfully tests direct competitor to Nordic anti-ship missiles Teseo missile is expected to be delivered to Italian Navy in 2028 By Oliver Bærentsen olba@nordiskemedier.dk A new generation of anti-ship missiles has emerged following the successful test firing of MBDAs Te Saab Bofors Dynamics anti-ship missile RBS 15 Mk4 Gungnir. Photo: Swadim Saab Group, the parent company of Saab Bofors Dynamics, employed more than 27,000 people in 2025. The group also produces radar systems and military aircraft. The Swedish Wallenberg family controls approximately 48 percent of S NEWS Defence takes over at Iceye In an interview with Defence Nordic, VP Seppo Aaltonen explains why defence now dominates ICEYEs business - and what its next target markets are By Kevin Landor Laursen kll@nordiskemedier.dk Few companies are enjoying Europes defence boom quite like Iceye. The Fin ADVERTORIAL Critical applications require control over data and infrastructure Security in the armed forces and other critical sectors depends not only on applications, but also to a great extent on the infrastructure on which they run. With Contain Core, Danish company Netic aims to provide organi NEWS Iceye sidesteps Musk question despite SpaceX reliance The Finnish satellite group praises the price and pace offered by its main launch partner but avoided assessing the man behind it. Meanwhile, Europe still lacks a proven alternative By Kevin Landor Laursen kll@nordiskemedier.dk Iceye pres WHEN EQUIPMENT FAILURE IS NOT AN OPTION Photographer: Jack Eckersley, Copyright: UK MOD Crown copyright 2023 Mechanical integrity takes on a whole new meaning when operating deep in the unknown, In the most demanding environments, theres no room for loose bolts. Land systems, aerospace and naval NEWS Outscaling Norway on a friend discount Danish Minister of Defence Jeppe Bruus spoke at the launch of the Danish Armed Forces' new AI centre. Photo: Kevin Landor Laursen Denmark has officially launched its new military AI unit. While the initiative draws on Norway's experiences, the Danish set ADVERTORIAL From supply chain to ecosystem in the Danish defence industry Denmark has a broad base of subcontractors capable of strengthening security of supply for the Danish Armed Forces. To bridge the gap between these many smaller companies and the Armed Forces, Lemvigh-Müller has created a sup NEWS French prime launches AI command system tested in NATO exercise The system was tested during NATOs CWIX 2026 exercise in Poland and is designed to connect military networks across all operational domains By Jesper Lesager jle@nordiskemedier.dk Thales has launched HexaForce, an AI-enabled com Norautron aims for defense Norautron is shifting into an extra gear and is now aiming for the defense sector. Norautron is an EMS company that specializes in advanced electronics, with customers in maritime, industry, medtech and already in the defense sector now there will be more in defense. Nor FEATURE Four Nordic nations, four The Swedish Armed Forces join the rest of Scandinavia in acquiring longer range artillery systems By Oliver Bærentsen olba@nordiskemedier.dk S weden has become the latest Nordic country to strengthen its long-range rocket artillery capabilities. With its SEK 7 b different choices A High Mobility Artillery Rocket System (HIMARS) is fired during a live fire exercise with Philippine and U.S. troops in the Philippines. Photo: Eloisa Lopez/Reuters/Ritzau Scanpix Elbit Systems PULS launcher. Photo: Kpl1 Wessel Zuijderduin 00s. Instead of replacing the tracked la NEWS The Vanta USV from Stark comes in two sizes. Photo: Stark Stark turns to Denmark for maritime drone production The German defence tech group has selected Seasight Solutions to produce its Vanta USV. The Danish manufacturer sees the partnership as a model for accelerating European rearmament Argo Defence Group on the offensive Argo Defence Group is a newly formed defence industry group that was listed on the stock exchange at the end of last year. The focus is on customers in military and civil defence. The group sells mainly to Sweden and Ukraine but also to several other countries. A FEATURE A speed record marked the beginning of US company Saildrone. Now it is setting up on Copenhagen to sell drones in Europe By Sophie Bavnhøj soba@nordiskemedier.dk U ncrewed maritime drones will become a central part of the worlds naval fleets over the next ten years. That is the predictio mph, equivalent to approximately 202.9 km/h. - After that, I moved to Californias Bay Area and set out to build Saildrone, using the same wind technology on uncrewed boats, he says. When the US Navy said no After setting the speed record, Richard Jenkins was so confident in his technology that he t FEATURE Richard Jenkins, founder and CEO of Saildrone, at the opening of the comapny's Danish offices on August 17 2026. Photo: Sophie Bavnhøj Continued from page 61 that is with large numbers of robots. Solving that problem was my vision, he says. From the Arctic to US shores After the US Navy r ADVERTORIAL When sound becomes an additional sense Modern sensors, real-time beamforming, DSP and AI allow acoustics to be used for applications including detecting and locating drones, monitoring critical infrastructure and identifying faults in military equipment. BY FLEMMING ØSTERGAARD A drone c Europes clean drone push: Inside the costly race to cut China from defence supply chains Justas Poderys founded Monopulse to make marine search and rescue drones. The pivot to surveillance drones for the battlefield has so far proved a succes. Photo: Rasmus Schaal Linneberg 64 Defence Nordic // A Europe wants defence systems it can produce in a crisis. Two Danish drone manufacturers show why achieving that resilience is difficult, expensive and never absolute By Rasmus Schaal Linneberg rsl@nordiskemedier.dk F or the past three and a half years, Justas Poderys has been travelling the world FEATURE Continued from page 65 take advantage of its upper hand by closing off supply. - It can be used as a choke point. You can suddenly lose access to a critical component that will halt a big supply chain, says Lars Gjesvik. Building wartime capacity in peacetime The status as a drone built wi Your preferred partner in calibration solutions Caltech AB is your knowledge center in calibration and precision measurement. Calibrators Caltech is the market-leading company in calibration equipment. We can supply you with high-quality calibrators, as well as training and consulting in different FEATURE USD 3.4bn startup bets on Cambridge Aerospace tells Defence Nordic why it sees room alongside established suppliers in a region it has considered critical since day one. It has yet to disclose a Nordic order By Kevin Landor Laursen kll@nordiskemedier.dk C ambridge Aerospace is not short Nordic air-defence gap counter large numbers of comparatively inexpensive drones and missiles. - We are in a position to provide magazine depth and volume that is not there today or in the near term. Our ambition is to complement the existing primes and the arsenals of the individual Nordic countrie NEWS Systematic deal is just the beginning of Danish offset work Several more Danish agreements are nearing signature as Thales works through offset obligations tied to Denmark's SAMP/T NG acquisition By Kevin Landor Laursen kll@nordiskemedier.dk Thales has put Danish software company Systematic 32 DEFENCE NORDIC AD INSERT ADVERTORIAL Danish electronics production could When sound becomes an play an important role in the drone additional industry of thesense future Modern sensors, real-time beamforming, DSP and AI allow acoustics to be used for HP Elektronik-Montage sees new opportunit INTERVIEW He built his baby from scratch. Then Kongsberg came knocking For Vytenis Buzas, building NanoAvionics was the easy choice. The harder one came when what was best for the company was no longer necessarily what he wanted for himself By Kevin Landor Laursen kll@nordiskemedier.dk H ad the Vytenis Buzas, founder of NanoAvionics. Credit: Vilnius Tech. some of that discipline was overdue. - We were completely focused on innovation and the technical possibilities, not revenue and EBITDA, Buzas says. - Considering its size, the business probably needed to mature. Growing up, in other wor NEWS A tiny camera order could unlock breakthrough deal for 10-months-old startup A small paid order from Tekever is likely to end up giving ten-month-old Sapient Perception its first major international breakthrough, says co-founder By Kevin Landor Laursen kll@nordiskemedier.dk An order for fewe Get the best of Defence Nordic in your inbox In our newsletters, we handpick the Nordic defence industrys most important news and stories and deliver them straight to your inbox. SIGN UP FOR OUR FREE NEWSLETTER HERE Read more at defencenordic.com Defence Nordic in your inbox Read all the essential Nordic defence news In our newsletters, we handpick every day at the Nordic defencenordic.com defence industrys most important news and stories and deliver them straight to your inbox. Sign up for our free newsletter here SIGN UP FOR OUR FREE N