Spanish shipbuilder Navantia and Italian shipbuilding group Fincantieri want to create a joint venture to jointly coordinate and execute the European Patrol Corvette (EPC) project. The companies will collaborate on the design of the EPC’s combat version and explore opportunities to export it to other European partners.
The EPC is a project within the PESCO framework, one of the most ambitious European defence initiatives, supported by the European Defence Fund (EDF) through the Multi Mission Patrol Corvette (MMPC) programme. It aims to design and develop a corvette‑type vessel that is modular, multi-purpose and interoperable, led by Italy, Spain, France and Greece, and involving a total of 46 companies from twelve countries.
The project is currently in its Call 1, approved by the EDF in its 2021 call. This phase aims to achieve a certified design and build a prototype platform for each of the two planned versions: the combat ship (Full Combat Multipurpose) and the patrol vessel (Long Range Multipurpose). In its 2023 call, the EDF allocated EUR 154 million for the following phase of EPC (Call 2), aimed at the design and start of prototyping.
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Joint venture
Navantia and Fincantieri have signed a memorandum of understanding (MoU) to jointly manage and execute the programme through a joint venture that will be open to participation from other project partners.
In addition, both companies will drive the progress of the programme by collaborating on the design of the EPC’s Full Combat Multipurpose version and collaborate to commercialise it to other European partners. Incorporation of the joint venture will be subject to finalisation of the transaction documents and satisfaction of customary conditions precedent.
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Boosting European defence with industry
‘Industry has a fundamental role in building Europe’s defence. With our collaboration, Navantia and Fincantieri are giving a significant boost to Europe’s defence capabilities. We will work together to define a new class of multi-purpose, 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,’ says Navantia’s Chairman, Ricardo Domínguez.
Fincantieri’s CEO and Managing Director Pierroberto Folgiero adds: ‘This agreement marks a decisive step forward in the EPC programme, 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 defence.’
‘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,’ Folgiero continues. ‘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.’
Picture: Ricardo Dominguez (left) and Pierroberto Folgiero shake hands after signing the MoU for the European Patrol Corvette programme (photo by Fincantieri).
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