THEON pushes for deeper European defence integration through joint procurement
THEON, a Greece-based developer of night vision and thermal imaging systems for defence and security forces, has positioned itself as a key advocate for deeper European defence integration through local innovation and joint procurement. Listed on Euronext Amsterdam in February 2024, the company now operates across Europe, Asia, and the United States, with manufacturing and research facilities stretching from Greece and Germany to Singapore and South Korea.
Expanding Reach and Export Focus
With over 240,000 systems deployed in 71 countries, more than a quarter of which are NATO members, THEON reports an export-to-sales ratio exceeding 97%. Its product portfolio includes customizable night vision goggles, thermal imaging devices, and electro-optical intelligence, surveillance, and reconnaissance (ISR) systems. A 2011 breakthrough came with the launch of the Argus monocular, which gained adoption across Sweden, the Netherlands, Denmark, and the UAE. Subsequent releases, including the NYX and MIKRON binoculars, reportedly outperformed established US competitors and secured contracts with the US Marine Corps, Germany, and OCCAR.
Recent contracts highlight THEON’s growing influence in European defence procurement. The company is supplying components for Germany’s Future Soldier Program under the IdZ initiative and secured the largest man-portable tender for next-generation thermal clip-on systems through OCCAR for both Germany and Belgium. It also holds several Outline Agreements with NSPA, for the supply of man portable optronics.
ITAR-free design is central to THEON’s strategy. By avoiding US International Traffic in Arms Regulations restrictions, the company enables European customers to modify systems without requiring foreign licenses — a feature it argues supports sovereignty and operational flexibility. This capability aligns with broader EU efforts to reduce reliance on non-European suppliers and strengthen domestic defence capacity.
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Advocacy for Policy Reform
In September 2025, THEON opened a Brussels Liaison Office to engage directly with EU policymakers. The company supports reforms aimed at streamlining defence procurement regulations, expanding joint purchasing frameworks, and simplifying cross-border transfer rules. It has endorsed the European Commission’s “Military Schengen” initiative and Defence Transformation roadmap, which seek to harmonize national procedures and accelerate capability deployment.
THEON also backs the proposed €1 billion Fund of Funds, managed by the European Commission, the European Investment Bank, and the European Investment Fund, intended to support innovative defence startups and scale-ups by early 2026. The company says it is exploring partnerships through mergers, joint ventures, and technology transfers, particularly within Greece’s emerging defence ecosystem and the EU’s four flagship programmes under the Defence Readiness 2030 roadmap.
Local reports filed in late 2025 indicate THEON’s strategy reflects a broader push among European mid-cap firms to reshape the continent’s defence environment through collaboration rather than competition.
R&D Strategy and Market Position
Founded in 1997 in Greece, THEON maintains its main production facility there while expanding manufacturing, assembly, maintenance, and research operations to Germany, Belgium, Latvia, Denmark, the UK, South Africa, and the USA. Strategic investments in deep-tech and critical component manufacturers have been made in Finland and France respectively.
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THEON is now diversifying into platform-mounted optronics through a joint R&D collaboration with a non-European, non-US SME. This partnership resulted in an initial order for ITAR-free sample units from a European Defence Prime, demonstrating the company’s ability to address demanding international customer needs while maintaining its core ITAR-free design philosophy.
Policy Engagement and Future Outlook
These discussions aim to provide inputs to Member States working toward interoperability and economies of scale through joint procurement and long-term framework contracts.
The company supports reforming the policy and regulatory framework at both EU and national levels to boost Europe’s productivity and competitiveness.
Regarding the Defence Transformation roadmap, THEON fully supports the Commission’s call for a fundamental mindset shift toward agility, speed, collaboration, and risk-taking at all levels. The company also advocates revising the intra-EU transfers Directive to cut unnecessary red tape for small and mid-sized enterprises by properly implementing existing provisions like General Transfer Licenses.
