The Greek defense industry, after fifteen years of defense budget cuts, is now making a dynamic return.

It is increasingly driven by companies that not only managed to survive but also expand during this challenging period of reduced defense programs.

Today, the largest defense group in Greece is the EFA Group.

Within the same group operates THEON Sensors, a global leader in the research, development, and production of night vision systems.

Since February 2024, the company has been listed on the EURONEXT stock exchange in Amsterdam as THEON International PLC (AMS: THEON).

Also part of the group is SCYTALYS, further strengthening its position in the defense sector. 

EFA GROUP implements project integrations in aerospace, security & defense by employing the capabilities of its members, while at the same time it forges further strategic alliances with partners worldwide:

EFA VENTURES  which is dedicated to strengthening global partnerships, supports its clients in attaining their objectives through a broad range of services that focus on Industrial Cooperation & Participation Programs, as well as by acting as a systems integrator for Security Aerospace & Defense programs.

EFA GROUP facilities

SCYTALYS is a software development company and systems integrator for Aerospace, Defense & Home Land Security applications. During the last 30 years, SCYTALYS has delivered turn-key Command & Control, and Interoperability systems for land, air and naval deployments, enabling its customers to achieve domain superiority and defense awareness. See more at: www.scytalys.com

ES SYSTEMS  develops and manufactures high precision sensors based mainly on Micro Electro-Mechanical Systems (MEMS) technology, focusing on medical, industrial, maritime and aerospace industries. Through its innovative silicon capacitive technology delivers breakthrough solutions for demanding applications. ES SYSTEMS has recently entered the internet of things (IoT) market, providing solutions and services. See more at: www.esenssys.com

EPICOS  is a leading global B2B information platform for the Aerospace, Defense and High Technology (ADHT) Industries, and the only global digital industrial cooperation consultancy and service provider. Epicos.com is a reliable source of business intelligence for the ADHT Industries, offering online and offline services, actively used by professionals from more than 30 nations                                                                    worldwide. EFA Ventures Group global operations are powered by epicos.com

EFA GROUP has recently expanded its business activities through strategic collaborations and investments: UCANDRONE (UAS for Defense, Security & Commercial Applications) and AETHER AERONAUTICS (Target Drones, Light Aircraft, Flight Testing).

One week before THEON INTERNATIONAL PLC (THEON) announced the initiation of new strategic investments and partnerships within the framework of the strategic program THEON NEXT, aimed at creating a comprehensive technological platform that will contribute to accelerating the development of advanced next-generation systems for the Soldier of the Future, through targeted investment moves, technological partnerships, and co-production initiatives.

Focusing on the development of innovative solutions in Digital and Augmented Reality (AR), the THEON NEXT program seeks to establish partnerships with leading technology entities, with the aim of jointly shaping the operational framework of future superiority by leveraging advanced technologies in the complex operational fields of modern warfare.

Christian Hatziminas, CEO of THEON, stated: “Following the recent significant acquisition of KAPPA, THEON has successfully signed four groundbreaking agreements, ensuring the maintenance of its leadership position in portable electro-optical systems.

We are very proud that these agreements bring the USA and Europe closer together to develop the next generation of portable systems for the soldier.

The collaboration initially includes activities in the United States, the United Kingdom, Finland, and Greece, and will eventually expand to Germany and Belgium, where our European center for thermal/digital technology is being established”.

With 4 new strategic investments in the United States and Europe, a new product range is coming, with critical components to be manufactured in Greece, such as those by ALEREON.

The company is taking the lead in the race for the soldier of the future with technological alliances/investments, while already holding primacy in analog solutions now used by all advanced armies.

At the same time, it is positioning itself with new investments for digital solutions that it has already successfully introduced, such as IRIS, which has already been approved by the German parliament for a procurement by THEON worth up to 200 million euros over the next 2 years, marking a decisive milestone in its journey towards maintaining a leading position in the field of portable electro-optical systems.

In this context, THEON announces four significant investments and strategic partnerships in the United States and Europe, marking a decisive milestone in its journey towards maintaining a leading position in the field of portable electro-optical systems.

These agreements strengthen THEON’s long-term strategic commitment to advancing cutting-edge technologies in the field of defense electro-optical systems, enhancing the company’s sustainability and supply chain, and promoting transatlantic cooperation in advanced defense technologies.

Having established its leading position in the field of night vision systems, THEON has successfully expanded into thermal and digital solutions through its new A.R.M.E.D. product family.

Consistently applying the strategic approach previously implemented for traditional/analog night vision systems – prioritizing the full vertical integration of the production chain and the conclusion of strategic commercial agreements – THEON is now moving dynamically into the rapidly developing field of Digital and Augmented Reality (AR), which is based on three critical technologies:

Augmented and Virtual Reality Software: Forms the basis for next-generation soldier systems, offering fuller operational awareness, more effective decision-making, and digital visualizations in real environments.

Micro-displays: Essential for new-generation optical enhancement systems, with a strategic focus on developing American-European microLED technology.

Short-Range Wireless Connectivity: Enables seamless, wireless interconnection of all soldier equipment with real-time data transmission capability.

To successfully address these challenges, THEON announces four significant initiatives and agreements that not only mark milestones in its technological roadmap but also deepen US-Europe industrial cooperation:

  • First, THEON is investing a total of 15 million dollars in Kopin Corporation (KOPIN, NASDAQ: KOPN), an American company specializing in micro-displays and defense subsystems, with operations in the USA, Scotland, and the United Kingdom. The investment includes a 7 million dollar interest-bearing loan convertible into KOPIN preferred shares, at a share price of 3 to 4.5 dollars at THEON’s option, as well as an 8 million dollar capital increase for the acquisition of a 49% stake in KOPIN’s Scottish subsidiary.
  • This company will form the basis for a new European joint venture that will operate as a global (outside the USA) channel for the production and distribution of augmented reality systems to be jointly developed by KOPIN and THEON, as well as for the production of microLED displays.The total investment of 15 million dollars in KOPIN aims at co-developing products and reflects THEON’s belief that KOPIN’s already extensive R&D investments have created the necessary foundation for a collaboration that can yield immediate financial benefits from products with integrated augmented reality (AR) capabilities.

This strategic partnership will also include the transfer of the relevant industrial and development activities of THEON’s US subsidiary (T-Industries) to KOPIN’s facilities in Reston, Virginia, which will become the US production center for THEON’s augmented reality-enabled products and for future digital electro-optical products.

As part of T-Industries’ normal business operations, THEON will invest, over the next five years, 8 million dollars to support its US operations, as well as new joint development efforts with KOPIN. This new partnership will not affect THEON’s two existing partnerships in the field of night vision systems.

Secondly, THEON has signed a renewable supply agreement with a minimum duration of two years with eMagin, a US manufacturer of OLED micro-displays and virtual imaging technologies.

eMagin specializes in high-resolution displays for applications such as military aviation, night vision, AR/VR, as well as other near-eye imaging applications.

eMagin is a strategic supplier to THEON, providing most of the OLED displays used in THEON’s products, including A.R.M.E.D. products, with IRIS-C being a prime example.

Thirdly, THEON has entered into a strategic partnership with ALEREON, a US-based company, a leader in Ultra-Wide-Band (UWB) wireless communication technology.

ALEREON provides battle-tested UWB wireless solutions that are the established communication protocol for the US Army’s portable equipment, enabling interference-free wireless communication between devices such as THEON’s THERMIS, THEA, IRIS-C, and ORION.

Unlike conventional protocols such as Wi-Fi or Bluetooth, ALEREON’s UWB technology offers unparalleled security, low latency, and resilience in battlefield conditions.

Through this partnership, THEON will fully integrate UWB technology into its A.R.M.E.D. product line, produce it in Greece, and promote this unique solution in Europe and the Middle East as ALEREON’s main partner in these regions.

Finally, THEON announces a strategic minority investment in Varjo Technologies Oy (VARJO), a Finnish high-tech company specializing in Virtual Reality (VR) and Mixed Reality (MR) headsets and applications, deepening THEON’s penetration into the European innovation ecosystem.

VARJO was founded in 2016 and supplies the most important aerospace and defense companies worldwide, offering advanced military-grade VR/MR technology for training and simulation.

The strategic partnership between THEON and VARJO will combine THEON’s expertise with VARJO’s advanced virtual and mixed reality hardware and software, with the companies having agreed to collaborate closely on multiple product and business initiatives.

The agreement provides for an investment in VARJO through a convertible loan of 5 million euros, which is structured to convert into VARJO equity upon the occurrence of certain predefined events.

THEON also retains the right for an additional investment of 5 million euros under the same terms.

This investment will support the ongoing development of VARJO’s cutting-edge technologies and strengthen THEON’s strategic digital expansion through the THEON NEXT program, particularly in the development of high-tech products for defense applications.

Dimitris Mandridis, Technical Director of THEON SENSORS, stated: “THEON has managed to create an advanced global technical cooperation framework, combining all the key technologies of the new era of the interconnected soldier with AR capabilities, as evidenced by the introduction of the A.R.M.E.D. product series and its continuously increasing acceptance by modern armies.

Every element of this collaboration ensures that THEON will be at the forefront of new developments in the field of digital and AR technology, which further enhances the A.R.M.E.D. product series for the benefit of our end customers.

THEON’s Research & Development department has expanded and reorganized to be able to integrate all these collaborations.”

Dimitris Parthenis, CFO of THEON, stated:

“The acquisition of key technologies, especially when they relate to large companies operating in the civilian sector, through such agreements constitutes a flexible and cost-effective investment with rapid returns for all stakeholders. THEON’s ability to convert these development funds into equity participations will positively impact its future financial results.

The current investment, totaling 25 million euros over two to five years, is expected to yield quick returns, through the enhancement of the features and commercial position of our existing offering, as well as through the future development of these companies that possess some of the most promising technologies in the civilian and defense sectors.

We are proud to look to the future together with these excellent partners who share our pioneering business spirit.”

Michael Murray, CEO of KOPIN, stated:

“With defense investments accelerating globally, and particularly among NATO’s European allies, strategic partnerships have become critical for delivering mission-ready, next-generation technologies.

We are proud of our collaboration with THEON, a partnership that embodies innovation, flexibility, and a shared vision.

By integrating KOPIN’s advanced micro-displays and specialized optical subsystems with THEON’s high-level expertise in night vision, thermal imaging, and Electro-Optical ISR systems, we are not only meeting the evolving demands of modern military operations but actively shaping the future of battlefield awareness and operational effectiveness.”

Amal Ghosh, CEO of eMagin, stated: “We are thrilled to partner with THEON, a leader in advanced optical and imaging systems, to integrate eMagin’s cutting-edge OLED micro-display technology into their next generation of products.

This collaboration underscores our commitment to delivering unparalleled image quality, performance, and reliability for mission-critical applications.

By combining eMagin’s innovation in micro-displays with THEON’s expertise in precision optical technology, we are poised to create solutions that set new standards in the field and deliver exceptional value to customers worldwide.”

David Shoemaker, CEO of ALEREON, stated:

“We are excited to partner with THEON and participate in this forward-looking initiative.”THEON’s proven expertise in electro-optical systems and extensive international business development network make it an ideal partner for expanding the reach and implementation of ALEREON’s UWB technology. 

With THEON as our key partner in Europe and the Middle East, we look forward to bringing our battle-tested communication solutions into the hands of many more allied soldiers.”

Timo Toikkanen, CEO of VARJO, added:

“We are proud to welcome THEON as a strategic investor in VARJO. Since our founding, VARJO has been creating the world’s most advanced military-grade VR/XR systems. 

THEON’s extensive experience and leadership in the defense sector make it an ideal partner as we expand our footprint in the critical mission training and simulation domain, enabling unprecedented levels of realism, readiness, and operational effectiveness.”

THEON INTERNATIONAL, is a leading developer and manufacturer of customizable night vision, thermal imaging systems and Electro-Optical ISR systems for military and security applications in Europe with a global footprint.

Started its operations in 1997 from Greece and today occupies a leading role in the sector thanks to its international presence through subsidiaries and production facilities in Greece, Cyprus, Germany, the Baltics, the United States, the Gulf States, Switzerland, Denmark, Belgium, Singapore and South Korea.

THEON GROUP has more than 200,000 systems in service with Armed and Special Forces in 71 countries around the world, 26 of which are NATO countries. ΤΗΕΟΝ ΙΝΤΕRNATIONAL PLC has been listed on Euronext Amsterdam (AMS: THEON) since February 2024.

THEON designs and manufactures cutting-edge optoelectronic devices across both man-portable and dismounted platform-based systems that allow the visualization of images in low light or obscure conditions using different state-of-the-art technologies.

Moreover, THEON designs and manufactures Multi-Sensor Electro-Optical Systems either installed in vehicle/vessel platforms for “On the move” ISR Applications or used for “Fixed ground” Border/Coastal Surveillance.

The main application of the Group’s products is for military, security and ISR operations, with all systems designed and tested in accordance with military specifications and standards while some products may also be used for civil applications, such as hunting or firefighting. THEON Group’s devices use either image intensification (i.e. night vision) or thermal imaging technology.

Among its night vision devices, the Group manufactures binoculars and monoculars, as well as weapon sights in either standalone or clip-on configuration, night driver viewers, vehicle mounted digital day and night cameras as well as night driver upgrade kits for armored vehicles.

Among its thermal imaging devices, the Group manufactures weapon sights (standalone and clip-on), small size thermal clip-on systems (mounted on night vision goggles), thermal driver viewers, customized thermal targeting equipment.

Among its Electro-Optical ISR systems, the Group manufactures Multi-Sensor Optronic Systems that integrate Day, LWIR,  MWIR, SWIR vision combined with laser range finding, laser pointing, laser designating functionality, and image blending, automatic object detection/recognition/identification, automated target tracking software algorithms.

In addition, THEON Group is developing systems that integrate image intensifying and thermal technology, which results in one fused image for both man-portable and platform-based applications.

The Group offers maintenance and product support services for all of its products.

All products are designed in house by an experienced team of engineers who are highly skilled experts in their fields, including optical, mechanical, electronic engineering, software engineering, computer vision engineering, AI engineering, as well as systems design.

As a result, THEON Group is able to adjust, develop and customize its products to specific customer requirements, which it considers a comparative advantage in the market. THEON Group operates two state-of-the-art production facilities in Greece as well as one facility in Germany (under the JV with Hensoldt) and another in the U.S. (owned by EOTECH).

The main product lines are: Night Vision Monoculars and Binoculars, Family of Night Vision Sights, Clip-on Night Sights, Night Driver’s Viewers, Digital day and night Cameras and upgrade kits for armoured vehicles, Thermal Stand-alone and Clip-on uncooled Sights, Vehicle and Platform based thermal imaging systems, Optical and Mechanical customized design, ILS and Maintenance Services.

One of our strengths is the customization of systems to particular requirements of end users and with a fast track design and prototyping procedure we are able to respond to modification requests in a short time.

THEON INTERNATIONAL consults its customers on the selection of the right system for the particular use and mission profile and provides training courses at all levels.

Professional and complete aftersales support is another key element of the company’s international success with local maintenance support solutions that help the end user in making the right investment decisions with the best logistic and support infrastructure.

All THEON INTERNATIONAL‘ Systems are rigorously tested prior to market entry following military standard test procedures and highest quality assurance and control criteria. The company maintains a Quality Management System which is in accordance with the requirements of ISO 9001:2015, ISO 14001:2015 for the Design, Production and Trading of Electro-optical systems.

The manufacturing facilities and the company personnel have NATO security clearance for defence related projects.
*Theon of Alexandria (335 to 405 AD) was a Greek scholar and mathematician. THEON INTERNATIONAL also stands for Thermal and Electro-Optical, Night Sensors.

SCYTALYS: The leader in Network-Centric Warfare

SCYTALYS is a total solution provider enabling its customers to achieve interoperability, create a Common Operational Picture, improve Situational Awareness, and achieve Domain Superiority, thus paving the way towards the realization of their Network-Centric Warfare environment.

Scytalys is a leading software development and systems integration company, headquartered in Athens and operating internationally. With a proven track record of mission-critical systems deployed worldwide, we have continuously refined our technologies, capabilities, and products.

Is a software development company and systems integrator for Aerospace, Defense & Home Land Security applications. During the last 30 years, SCYTALYS has delivered turn-key Command & Control, and Interoperability systems for land, air and naval deployments, enabling its customers to achieve domain superiority and defense awareness.

From proven integration expertise to advanced tactical C2 systems, our technology enables true interoperability across domains.

SCYTALYS delivers integrated Mission & C2 solutions for land, air, and joint operations — enabling situational awareness, interoperability, and real-time decision-making across all domains.

At Indodefence 2025, SCYTALYS and PT Dirgantara Indonesia (Indonesian Aerospace), signed an MoU that brings MIMS Airborne to the N219 MPA platform, setting the course for a smarter, mission-ready aircraft.

This isn’t just integration. It’s a leap in how airborne C2 supports surveillance and maritime operations, with scalable, interoperable tech that adapts to evolving demands across domains.

Tactical Data Links (TDS)

Enabling seamless, real-time data exchange across air, land, and sea — SCYTALYS’ Tactical Data Links empower joint forces with interoperability, awareness, and operational edge.

SCYTALYS, a pioneering manufacturer and provider of defensive interoperability systems and a member of the EFA GROUP, announces the delivery of the System Interoperability Kodal (SIK) Program to the Indonesian Armed Forces (TNI), following the successful completion of a $49 million contract with the Indonesian Ministry of Defense.

The SIK program represents a significant step in the modernization roadmap of the Indonesian Armed Forces (TNI) as it creates a robust framework for inter-branch interoperability and ensures the seamless flow of tactical information, essential for conducting modern forms of Network-Centric Warfare (NCW) operations.

SCYTALYS delivered a next-generation interoperability project to the Indonesian Armed Forces.

At the heart of this strategic program is the state-of-the-art Command and Control (C2) Center, which was designed, built, and delivered by SCYTALYS to host the provided interoperability framework.

A key achievement of the SIK Program is the delivery of the Indonesian National Data Link (INDL), an advanced protocol that revolutionizes interoperability among all branches of the Indonesian Armed Forces. Through the INDL protocol, situational awareness in the operational field and operational readiness are enhanced, while providing national independence in the ability to link complex operational data.

The creation of a Common Operational Picture (COP) is powered by SCYTALYS’ core product portfolio (MIMS C2 and ULS), through which seamless data exchange is achieved between the headquarters of the Army, Navy, Air Force, and Air Defense of the country.

As part of the project, SCYTALYS delivered the Integrated Surveillance and Monitoring Station (ISMS) to the strategically important location of Natuna on the border of the South China Sea, further enhancing the situational awareness of the Indonesian Armed Forces in a critical maritime border of the country.

During the project, SCYTALYS invested significantly in developing the capabilities of the Indonesian Armed Forces personnel, as well as the domestic defense industry, by providing extensive specialized training seminars, ensuring that the Indonesian Armed Forces are equipped with the necessary skills to fully utilize the potential of the Program.

On June 12, 2024, the official inauguration ceremony of the program took place.

Dimitris Karantzavelos, President of SCYTALYS, who officially delivered the SIK project, is optimistic about the company’s future. “Our achievement in Indonesia highlights SCYTALYS’ global expertise in defense innovation. With proven success in the Far East and beyond, we are ready to continue pushing the boundaries of defense interoperability globally.”

Dimitris Karantzavelos also emphasized the long-standing ties between Greece and Indonesia.

“These impressive central facilities are not only a testament to technological excellence but also a symbol of the enduring bond between two great nations. They represent our shared commitment to peace, security, and progress. Our ties extend beyond the fields of defense and technology – they are rooted in our shared cultural values dating back decades, which are celebrated this year with the 75th anniversary of diplomatic relations between Greece and Indonesia, characterized by a framework of mutual respect and admiration.”

EFA Ventures is part of EFA GROUP

EFA Group consists of companies that have a leading-edge position in the international markets in the fields of aerospace, security, defense and industrial cooperation. With more than 30 years of experience, in EFA Group we aim to amplify security and inspire the world through scientific innovation.

Leading a global supply chain

Always ahead of the game when it comes to global integration, EFA Group has a wide international network of partner companies and 7 offices around the world: Athens, Zug, Abu Dhabi, Dubai, Singapore, Kempen and Arlington.

EFA Group comprises 3 companies which manufacture high-tech products and systems in Greece, and also in USA and Far East through strategic collaborations and investments, while all of them are decisively export-oriented: EFA VENTURES, SCYTALYS, and ES-SYSTEMS.
Holding a strong presence

At the same time, EFA Group is set on creating promising strategic alliances with other corporate entities, both on a national and on a global scale, thereby broadening the spectrum of its activities. EFA Group employs more than 450 people in total, most of them scientists and engineers, and has established itself as a leader in its field in more than 66 countries worldwide, such as:

Washington, Los Angeles, Rio de Janeiro, Lima, Santiago, Lisbon, Stockholm, Helsinki, Copenhagen, The Hague, Berlin, Koblenz, Brussels, Zurich, Paris, Warsaw, Vienna, Budapest, Ljubljana, Rome, Athens, Thessaloniki, Nicosia, Riga, Kiev, Tunis, Kairo, Rabat, Burkina Faso, Ivory coast, Kuwait, Bahrain, Abu Dhabi, Riyadh, Muscat, Islamabad, Dhaka, New Delhi, Bangalore, Colombo, Kuala Lumpur, Singapore, Jakarta, Bandung, Tokyo, Seoul, Taipei, Manila, Canberra, Indonesia.

Expanding frontiers

EFA GROUP implements project integrations in aerospace, security & defense by employing the capabilities of its members, while at the same time it forges further strategic alliances with partners worldwide:

EFA VENTURES  which is dedicated to strengthening global partnerships, supports its clients in attaining their objectives through a broad range of services that focus on Industrial Cooperation & Participation Programs, as well as by acting as a systems integrator for Security Aerospace & Defense programs.

ES SYSTEMS  develops and manufactures high precision sensors based mainly on Micro Electro-Mechanical Systems (MEMS) technology, focusing on medical, industrial, maritime and aerospace industries. Through its innovative silicon capacitive technology delivers breakthrough solutions for demanding applications. ES SYSTEMS has recently entered the internet of things (IoT) market, providing solutions and services. See more at: www.esenssys.com

EPICOS  is a leading global B2B information platform for the Aerospace, Defense and High Technology (ADHT) Industries, and the only global digital industrial cooperation consultancy and service provider. Epicos.com is a reliable source of business intelligence for the ADHT Industries, offering online and offline services, actively used by professionals from more than 30 nations                                                              worldwide. EFA Ventures Group global operations are powered by epicos.com

EFA GROUP has recently expanded its business activities through strategic collaborations and investments: UCANDRONE (UAS for Defense, Security & Commercial Applications) and AETHER AERONAUTICS (Target Drones, Light Aircraft, Flight Testing).