ORBITEO, a project initiated by JRH ASI S.A., a company listed on the main market of the Warsaw Stock Exchange, is intended to act as an integrator of Polish dual-use technologies — both civilian and defence-related. Under the agreement, the assets forming ORBITEO will be contributed to Apollo Capital ASI S.A., a company listed on NewConnect. Apollo Capital ASI is then expected to change its name to ORBITEO ASI S.A., while JRH will acquire a majority stake in the company.
The project is designed to bring together companies developing technologies in deeptech, unmanned systems, new space, artificial intelligence, robotics and advanced detection technologies. According to its assumptions, ORBITEO is to consolidate the competences of portfolio companies and support the creation of integrated solutions for the dual-use sector.
The project was launched in October last year. Companies invited to join ORBITEO are already cooperating operationally and developing a joint offering. Work is now being finalised on the institutional and capital structure of the project.
The announced assumptions are based on an agreement concluded between JRH ASI S.A. and January Ciszewski, with the participation of Apollo Capital ASI S.A. Apollo Capital ASI is listed on NewConnect and currently does not conduct operating activity. Its main shareholder is January Ciszewski.
The agreement provides for the contribution to Apollo Capital ASI of shares and stakes in four JRH portfolio companies: SatRev S.A., Farada Group, Fluence Technology and MILOO-ELECTRONICS. The in-kind contribution is to be made at fair value, estimated at approximately PLN 51.2 million in total.
Apollo Capital ASI is to issue 8.53 million new shares at an issue price of PLN 6 per share. After the transaction and capital increase, JRH will become the majority shareholder of the entity which, following the planned name change, will operate as ORBITEO ASI S.A.
The parties also agreed that January Ciszewski will enter into a 12-month lock-up agreement with Apollo Capital ASI covering the sale of the shares he currently holds on NewConnect. By the end of 2026, as a result of Apollo Capital ASI’s capital increase, his direct stake in the company is expected to fall below 20%.
“ORBITEO will not be an ordinary investment fund. It will be an integrator of defence systems in their innovative dimension, combining dual-use technologies such as unmanned systems, drones, satellites, robots, detectors and artificial intelligence within a single ecosystem. This will enable capital to be raised for scaling production and developing the technologies of individual companies within one investment process in ORBITEO,” said January Ciszewski, CEO and main shareholder of JRH ASI S.A.
Capital, expansion and technological capabilities
ORBITEO is intended to develop both individual companies and a common brand. According to the project’s assumptions, it will consolidate technological and commercial competences, while also enabling the preparation of comprehensive system solutions for the dual-use sector.
ORBITEO’s main tasks will include raising capital for technology development, scaling portfolio companies, supporting their international expansion and providing financial instruments such as bank or insurance guarantees, which may exceed the capabilities of individual entities.
The project also includes plans to establish a scientific council and an expert council. ORBITEO is expected to develop cooperation with universities and research and development institutions. The creation of an incubator for early-stage projects in space technologies, artificial intelligence and deeptech is also being considered.
“What distinguishes ORBITEO? Polish capital, Polish technologies, Polish companies and global reach. Farada and SatRev already offer their products not only in Poland and Europe, but also in the Middle East and Africa. The direction based on building sovereign Polish dual-use systems responds to the challenges posed by current geopolitical turbulence. Having our own systems and technological capabilities, based on Polish private capital, is becoming particularly important. ORBITEO will offer Polish products and technologies both on the domestic market and abroad, strengthening the independence of Poland and Europe in strategically important areas,” January Ciszewski said.
According to JRH, the project is intended to create an entity that will allow investors to gain exposure to a diversified portfolio of companies developing technologies of strategic importance.
“This is a breakthrough moment for the ORBITEO project. Agreeing strategic assumptions with the key partners opens the way to creating a unique entity in the dual-use sector on a European scale. At the same time, we are building an organisation that may become a diversified investment opportunity on the capital market, available to all investors. We are creating lasting value based on Polish capital and Polish competences in areas that today have real significance for the security and technological independence of our country and region,” Ciszewski added.
More companies in the project
In addition to SatRev, Farada Group, Fluence Technology and MILOO-ELECTRONICS, further entities are in talks about joining ORBITEO. At this stage, discussions are underway regarding the rules of cooperation with the holding company and possible capital links.
The Centre for Research and Development of Technology for Industry S.A. is also expected to become part of the project. CBRTP is to contribute research and development capabilities in materials engineering, electronics, robotics, artificial intelligence and applied sciences.
Helgrom, a company operating in defence, industrial transformation and strategic supply chains, is also expected to join ORBITEO. The company holds a licence for international special trade covering weapons, ammunition and combat equipment. Within ORBITEO, Helgrom is to be responsible for licensed trade in special equipment on international markets, acquiring contacts and contracts in the defence segment and creating joint ventures with foreign partners in defence and dual-use technologies.
ORBITEO’s offering is also expected to be expanded with technologies developed by Muotech. The company is developing solutions for muon imaging, a non-invasive scanning technology using particles originating from cosmic radiation. This technology makes it possible to create a three-dimensional image of the inside of objects and structures without interfering with them. Potential applications include detecting hidden materials, inspecting sealed containers, assessing critical infrastructure, monitoring storage sites and projects related to the space sector.
x-kom Robotics is also expected to cooperate with ORBITEO. The company offers humanoid and specialist robots, including quadruped designs. As part of the project, particular emphasis will be placed on developing proprietary robot-control software. These solutions are intended to expand ORBITEO’s competences with systems for ground operations, search and rescue, transport and other applications in hazardous environments. According to the assumptions, they are expected to create synergies with satellite and drone systems developed within the holding.
Source: CEO.com.pl
