Fincantieri, Navantia to Form JV for European Patrol Corvette Program
Italy’s Fincantieri and Spain’s Navantia have signed a memorandum of understanding to jointly coordinate and execute the European Patrol Corvette (EPC) program, strengthening industrial cooperation under one of Europe’s most ambitious defense initiatives.
The two shipbuilders plan to create a joint venture to manage and execute the program. The vehicle will be open to participation from other project partners, with incorporation subject to the finalization of transaction documents and customary conditions precedent.
The EPC project is part of the Permanent Structured Cooperation (PESCO) framework and is supported by the European Defence Fund (EDF) through the Multi Mission Patrol Corvette (MMPC) program. The initiative aims to design and develop a modular, multipurpose and interoperable corvette-type vessel. It is led by Italy, Spain, France and Greece and involves 46 companies from 12 countries.
The project is currently in its first phase, approved by the EDF under its 2021 call. This phase aims to achieve a certified design and build a prototype platform for each of two versions: the Full Combat Multipurpose vessel and the Long-Range Multipurpose patrol vessel. I
In its 2023 call, the EDF allocated $181.5 million (€154 million) for the next phase of the program, which covers further design work and the start of prototyping.
Under the MoU, Fincantieri and Navantia will collaborate on the design of the Full Combat Multipurpose version and explore opportunities to commercialize it to other European partners.
“This agreement marks a decisive step forward in the EPC program, a project that embodies the spirit of European cooperation and technological excellence. By joining forces with Navantia, we are not only responding to the needs of our respective navies but also laying the foundations for a new standard in European maritime defense.
“The EPC is more than a ship: it is a strategic platform for interoperability, innovation, and security, capable of strengthening the operational capabilities of Europe as a whole. Our joint venture is a testament to the industry’s ability to drive progress and unity, and to transform vision into concrete solutions for the future of European defence,” said Fincantieri’s CEO and Managing Director, Pierroberto Folgiero.
“Industry has a fundamental role in building Europe’s defense. With our collaboration, Navantia and Fincantieri are giving a significant boost to Europe’s defense capabilities. We will work together to define a new class of multipurpose, innovative, interoperable and cybersecure corvettes that meet the requirements not only of the Spanish Navy and the Marina Militare, but also of other European navies,” added Navantia’s Chairman, Ricardo Domínguez.
