Euroatlas

Acquired by Mimir in 2021 through a carve-out from Wärtsilä Plc (HLSE:WRT1V).

On acquisition Euroatlas had a strong foundation in global mission-critical power electronics for naval and defence applications. Subsuquently, we have transformed the company into a cutting-edge defence technology platform, spearheading innovation across autonomous systems, AI-driven surveillance, and submerged fuel cell drivelines.

Mimir’s investment thesis centered on transforming Euroatlas from a legacy tier 1 supplier into a fully integrated defence technology company. Leveraging Mimir’s operational expertise and flexible capital base, Euroatlas has launched, among other solutions, GREYSHARK™, an autonomous underwater vehicle (AUV) that delivers unmatched endurance, range, stealth, and mission versatility based on newly developed and unmatched fuel cell technology.

GREYSHARK™ is an operational AUV designed to perform core naval missions such as mine countermeasures (MCM), anti-submarine warfare (ASW), and intelligence, surveillance, and reconnaissance (ISR), with scalable sensor packages and NATO-compatible data links, enabling continuous seabed and subsurface monitoring that reduces risk and shortens decision cycles for maritime commanders.

Euroatlas develops and owns proprietary liquid hydrogen fuel cell technology that significantly extends range and endurance — setting a new benchmark for autonomous submerged systems. It delivers a five-fold increase in energy density compared to conventional competitor drivelines. The company’s technology leadership was field performance validated at NATO’s REPMUS exercise (2025), with the GREYSHARK platform outperforming global benchmarks in endurance and stealth for unmanned maritime operations.

Euroatlas has evolved into a high-growth technology company and positioned as a next-generation defence player, leveraging industrial partnerships with Europe’s principal naval system integrators to accelerate market deployment and growth.

Mimir’s Role

Mimir play a decisive role in shaping Euroatlas’ growth trajectory — actively investing to reposition the company from a niche defence supplier to a leading global technology platform. Through focused investments in proprietary submerged fuel cell technology, AI and autonomy, Mimir has helped establish Euroatlas as a leader in next-generation defence technologies and integration into future multi-domain defence ecosystems.