European shipbuilders Navantia and Fincantieri have entered into a Memorandum of Understanding (MoU) to jointly oversee and deliver the European Patrol Corvette (EPC) project.
The initiative falls under the Permanent Structured Cooperation (PESCO) framework, which is supported by the European Defence Fund (EDF) via the Multi Mission Patrol Corvette (MMPC) programme.
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Led by Italy, Spain, France, and Greece, the EPC project involves the collaboration of 46 companies from 12 countries.
Its objective is to develop a corvette vessel that is modular, multipurpose, and interoperable for use by various European navies.
Navantia chairman Ricardo Domínguez said: “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 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.”
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By GlobalDataCurrently, the EPC project is in its initial phase, Call 1, approved as part of the EDF’s 2021 selection. This stage focuses on achieving a certified design and constructing prototype platforms for two versions including a full combat multipurpose ship and a long-range multipurpose patrol vessel.
In 2023, the EDF allocated €154m ($208m) for the second phase, Call 2, which targets further design work and the commencement of prototyping.
As part of the new MoU, Navantia and Fincantieri intend to manage the programme through a joint venture, which will be open for participation from additional project partners.
Both companies plan to collaborate on designing the full combat multipurpose version of the EPC and seek opportunities to market it to other European partners.
Finalisation of the joint venture depends on completion of transaction documents and fulfilment of standard conditions precedent.
Fincantieri CEO and managing director Pierroberto Folgiero said: “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.”
