Navantia and Fincantieri have signed a Memorandum of Understanding to jointly coordinate and execute the European Patrol Corvette (EPC) project, the companies said.
The EPC project falls under the PESCO framework and is supported by the European Defence Fund through the Multi Mission Patrol Corvette (MMPC) programme. It aims to develop modular, multipurpose, and interoperable corvettes, led by Italy, Spain, France, and Greece, and involving 46 companies from 12 countries.
The project is currently in its first phase, approved by the EDF in 2021, which targets a certified design and prototype platforms for two versions: the combat ship (Full Combat Multipurpose) and the patrol vessel (Long Range Multipurpose). In 2023, the EDF allocated €154 million for the next phase to advance design and begin prototyping.
The MoU establishes a joint venture to manage and execute the programme, open to participation from other partners. Navantia and Fincantieri will collaborate on the design of the Full Combat Multipurpose version and on commercialisation to other European partners. The incorporation of the joint venture is subject to finalisation of transaction documents and customary conditions.
Ricardo Domínguez, chairman of Navantia, said the collaboration will define a new class of multipurpose, innovative, interoperable, and cybersecure corvettes for Spanish and Italian navies and other European partners.
Pierroberto Folgiero, CEO of Fincantieri, described the agreement as a step forward in European defence cooperation, highlighting the EPC as a strategic platform for interoperability, innovation, and security across Europe.