JRH ASI to Finance Ukrainian Radar Production Under New Framework Deal

JRH ASI, an investment company listed on the Warsaw Stock Exchange’s main market, has agreed to finance production batches for a Ukrainian manufacturer of advanced radar systems. The framework agreement was signed on 6 November, with the financing process scheduled to begin by the end of the week.

By the CEO editorial team. English adaptation of the Polish article, originally published on 9 November 2026.

Pictured: January Ciszewski, chief executive and main shareholder of JRH ASI. Photo: Storymakers.pl.

The Ukrainian partner, which has several years of experience in the sector, estimates potential annual radar-system sales of $60 million to $120 million. Sales would be handled by the partner itself, a jointly owned special-purpose company or a company established by JRH.

The agreement follows months of work on JRH’s ORBITEO project. SatRev, a company in JRH’s portfolio, is expected to play a leading role in providing technological support.

“This agreement is the result of many months of intensive work. More than a year ago, we announced JRH’s involvement in defence and security projects, including dual-use technologies,” said January Ciszewski, JRH ASI’s chief executive and main shareholder. “Since then, we have brought together a broad network of companies, technologies and experts around ORBITEO who understand the defence sector. At the same time, we have held talks with numerous partners in Poland and abroad.”

“Those months of work are beginning to pay off. This is our first agreement of this scope in which JRH finances the production of defence systems. It is also very concrete: we want to move to production financing within a few weeks.”

Batch-by-batch financing and separate settlement terms

The framework covers JRH’s financing of radar production, manufacturing by the Ukrainian partner and sales to external customers. It combines JRH’s financial resources and experience, together with the companies involved in ORBITEO, with the partner’s technological, organisational and manufacturing capabilities.

The Ukrainian company provides the specialist expertise, technology and production facilities required and is responsible for organising and carrying out manufacturing. It may sell the systems in its own name and for its own account, or through a special-purpose company established jointly with JRH or by JRH.

Each production batch will be financed under a separate annex setting out the detailed terms. The parties plan to sign the first annex within seven days of the agreement and transfer the first financing tranche within 14 days of signing that annex, subject to the agreed conditions.

The annexes will also specify settlement arrangements and JRH’s remuneration, or its share of sales revenue or profit. The framework agreement runs for 12 months and can be renewed by mutual consent.

Sales estimate concerns the radar systems, not JRH’s revenue

The Ukrainian partner is in contact with prospective buyers. On that basis, it estimates potential sales of $5 million to $10 million a month for approximately 12 months, equivalent to $60 million to $120 million annually.

That estimate refers to sales of the manufactured systems. JRH’s participation in the financial benefits will be determined by the individual annexes.

The partner’s name and its location within Ukraine have been withheld for security reasons. JRH says disclosure during the ongoing conflict could increase the risk to both the company and the joint venture. The name may be released once that threat has passed.

The systems’ names, tactical and technical specifications, and other sensitive information also remain confidential because of the project’s defence and security implications.

SatRev to provide technological support

JRH may draw on the companies involved in ORBITEO to help develop and improve the partner’s radar systems. That includes expertise from portfolio companies working in advanced technologies and dual-use applications — those with both civilian and military uses.

One is Wrocław-based SatRev, which designs, builds and operates satellites. It also analyses and commercialises satellite data, turning it into information that clients can use to make decisions.

“We expect to sign the first implementing annex in the coming days and, once the agreed conditions have been met, begin financing production,” Ciszewski said. “Within ORBITEO, we see a leading role in this cooperation for SatRev. Its capabilities could materially strengthen the development of our partner’s systems. The experience gained will also contribute to ORBITEO’s development.”

“Defence projects carry more risk than many other ventures. At the same time, this is currently one of the most promising areas of technology. That is why defence, security and dual-use technologies are now JRH’s main investment priority, primarily through ORBITEO, but also beyond it.”

ORBITEO brings defence technologies into one investment programme

Initiated and organised by JRH, ORBITEO is intended to become an integrator of Polish defence systems. It brings together dual-use technologies in unmanned systems, space, artificial intelligence, robotics and advanced detection. Its model includes raising capital through a single investment process to scale production and develop the participating companies’ technologies.

The Ukrainian agreement extends the strategy JRH announced in October 2025. Since then, it has reported further steps in organising ORBITEO, bringing in companies focused on space, unmanned systems, defence, AI and dual-use technologies, as well as licensed trading in specialist equipment.

For JRH shareholders, the new agreement expands the company’s defence exposure: JRH will fund production and participate in the proceeds from sales of completed systems. The company brings experience in financing, co-building and supporting technology businesses from their early stages through capital transactions and preparation for public markets. That includes organising complex, multistage investment projects such as ORBITEO.

“We are discussing further opportunities and are at different stages of work on additional projects; their results will become clear over time,” Ciszewski said. “A period of such significant geopolitical challenges, not only in our region but worldwide, does not allow for firm forecasts or promises. We will therefore announce only fully agreed, concrete results.”

“Paradoxically, this period of uncertainty also creates opportunities that we want to pursue, including by building ORBITEO’s position as a defence systems integrator. We are its initiator and organiser.”