INVAP

What INVAP does

INVAP S.A.U. is an Argentine state-owned technology company founded in 1976 and headquartered in San Carlos de Bariloche, Río Negro, where it is wholly owned by the Province of Río Negro. The company designs, integrates, constructs, and delivers complex turn-key technological systems across four divisions: Nuclear (research and production reactors for radioisotope generation, including OPAL for Australia, ETTR for Egypt, RA-10 for CNEA, and PALLAS for the Netherlands); Space (low-orbit Earth observation satellites and geostationary communications satellites including the ARSAT series and SAOCOM missions in cooperation with CONAE and NASA); Defense, Security & Environment (air traffic control, primary surveillance radars including the RPA-200M, and meteorological radars); and Medical Systems (radiotherapy centers, cyclotron and radiopharmacy facilities for cancer diagnosis and treatment, e.g., Garrahan Hospital). The technology base rests on five decades of accumulated engineering know-how in nuclear reactor design, satellite manufacturing, and radar systems, with ISO 9001:2015 and ISO 14001:2015 certifications.

The company operates a project-based enterprise model, selling primarily to government and intergovernmental clients through direct enterprise sales channels. Revenue is generated through long-cycle, customized turn-key project contracts spanning consultation, design, manufacturing, integration, and delivery, with pricing not publicly disclosed per project. Customers include national atomic energy commissions (ANSTO, CNEA, CNEN, EAEA, NRG PALLAS), space agencies (CONAE, NASA), and defense ministries (Argentina's Ministry of Defense and Security), with 1,000+ projects completed across more than 12 countries over 30+ years of international operations. INVAP finances operations through these project contracts and through repeated issuance of negotiable bonds (obligaciones negociables) in Argentine capital markets, with a long-term credit rating of A(arg) from FIX SCR (Fitch-affiliated) as of October 2025.

The company employs approximately 1,800 people, 80% of whom are highly trained professionals and specialists, supported by wholly-owned subsidiaries including Frontec (aerospace engineering), ICHOS by INVAP (satellite design), INVAP Ingeniería Neuquén (engineering and construction), and Eólica Rionegrina (wind energy). International branch offices operate in Australia, the United States, Brazil, the Netherlands, Bolivia, Algeria, and India. The seven-member Board of Directors includes four appointees of the Province of Río Negro, two from CNEA, and one elected by company staff, reflecting a governance balance between provincial government control and national scientific agency representation.

Name

INVAP

Legal name

INVAP S.A.U.

Website

http://www.invap.com.ar/en/

Company type

Private

Founded year

1976

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

INVAP is an Argentine state-owned technology company that designs, integrates, and delivers turn-key nuclear reactors, satellites, radar systems, and medical equipment to government clients and international organizations across more than 12 countries.

Ownership category

akta.pro rank

Product category

Aerospace and Nuclear Engineering

NAICS

Nuclear Electric Power Generation (221113), Guided Missile and Space Vehicle Manufacturing (336414), Irradiation Apparatus Manufacturing (334517), Computer Systems Design Services (541512)

SIC

Industrial Instruments For Measurement, Display, And Control (3823), Search, Detection, Navagation, Guidance, Aeronautical Sys (3812), Guided Missiles & Space Vehicles & Parts (3760), X-Ray Apparatus & Tubes & Related Irradiation Apparatus (3844)

akta.pro primary industry

Nuclear Plant EPC & Construction (EUAEAAAC)

akta.pro secondary industries

Instrumentation & Control (I&C) Integration & Commissioning Support (EUAKAAAH), Balance-of-Plant (BOP) EPC (Turbine Island, Conventional Systems, Buildings) (EUAKAAAF), Project & Program Management (PMO), Controls & Reporting (EUAKAAAC), Nuclear Steam Supply System Components & Turbine Islands (IMAHAFAG)

Keywords

• Nuclear reactor technology
• Satellite systems
• Radar systems
• Medical imaging systems
• Aerospace engineering

Headquarters

HQ city

San Carlos De Bariloche

HQ country

Argentina

HQ region

Latin America

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Complex Project Contracts: INVAP generates revenue through the design, development, and turn-key delivery of complex technological systems to government clients and international organizations. Projects span nuclear reactors, satellites, radar systems, and medical facilities.
2. Government Contracts: As a company owned by the Province of Rio Negro, INVAP works as executor of technological projects for Argentine national organizations including CNEA, CONAE, and Ministry of Defense.
3. Negotiable Bonds (ON): INVAP issues negotiable bonds through public offering, with multiple classes (Clase IV, V, VI) and regular coupon payments, indicating access to capital markets.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

INVAP designs, integrates, constructs, and delivers turn-key complex technological systems across four domains: nuclear reactors (research and production), satellite systems (Earth observation and geostationary communications), radar systems (air traffic control, defense, meteorological), and medical systems (radiotherapy, cyclotron, radiopharmacy). The company manages the full project lifecycle from initial conception and design through to final delivery to government clients, atomic energy commissions, space agencies, defense ministries, and healthcare institutions worldwide.

Differentiator

Problem solved

Functional benefit

Brands

• Frontec: Aerospace engineering subsidiary of INVAP.
• ICHOS by INVAP
• INVAP Ingeniería (Neuquén)
• Eólica Rionegrina

Products and services

• Nuclear Reactors

Quantifiable outcome

• Over 1,000 projects completed nationally and internationally
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• NRG PALLAScoreStrategic or Co-development Partner · 1 October 2025INVAP serves as design partner for the PALLAS-reactor project in the Netherlands, working alongside construction partner FCC. The new reactor will replace the High Flux Reactor and secure medical isotope supply for over 30,000 patients daily. INVAP's ICHOS subsidiary serves as design partner.
• ARSATcoreStrategic or Co-development Partner · 9 September 2025ARSAT and INVAP agreed on a new model for managing space testing facilities, strengthening the relationship for satellite development and testing operations.
• UgandaminorStrategic or Co-development Partner · 28 July 2025INVAP began geotechnical studies in Uganda, expanding international presence into African market for potential nuclear technology projects.
• ENAER and DTScoreStrategic or Co-development Partner · 16 April 2025INVAP signed Memorandum of Understanding with ENAER (Chilean aerospace company) and DTS for the development of space and radar technology, expanding cooperation in Latin American aerospace and defense sectors.
• NASA (National Aeronautics & Space Administration)coreStrategic or Co-development PartnerInternational cooperation on space satellite projects and aerospace technology development. INVAP has collaborated with NASA on various space missions including the SAC-D/Aquarius mission.
• IAEA (International Atomic Energy Agency)coreStrategic or Co-development PartnerInternational Atomic Energy Agency cooperation for nuclear technology development, standards, and peaceful nuclear applications. INVAP participates in IAEA conferences and initiatives.
• ANSTO (Australian Nuclear Science and Technology Organization)coreStrategic or Co-development PartnerINVAP designed and delivered the OPAL research reactor (RRRP) for ANSTO in Australia. Ongoing relationship for nuclear technology cooperation.
• EAEA (Egyptian Atomic Energy Authority)coreStrategic or Co-development PartnerINVAP delivered the ETTR (Egyptian Training and Test Reactor) project for Egypt's atomic energy authority.
• CNEN (Brazilian National Nuclear Energy Commission)coreStrategic or Co-development PartnerINVAP secured new contract for the RMB (Radioactive Materials Brazil) project, strengthening presence in Brazil's nuclear development sector.
• CNEA (Argentina's National Atomic Energy Commission)coreStrategic or Co-development PartnerAs a company owned by Rio Negro Province, INVAP works closely with CNEA as executor of complex technological projects. CNEA appoints two members to INVAP's Board of Directors.
• CONAE (Argentina's National Commission of Space Activities)coreStrategic or Co-development PartnerINVAP collaborates with CONAE on space satellite projects including the SAOCOM mission and ARSAT geostationary satellites.
• Pallas Foundation (Netherlands)coreStrategic or Co-development PartnerCooperation on nuclear technology and medical isotope production through the PALLAS-reactor project in the Netherlands.

Scale indicators6 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Indra: Spanish IT and defense systems integrator with a meaningful radar and air-traffic-management business. Closely parallels INVAP's defense radar and ATC vertical and competes for Latin American defense tenders.
• Framatome: French-headquartered designer and supplier of nuclear reactors, fuel, services, and equipment. Closely comparable to INVAP's nuclear EPC and research-reactor delivery model, including I&C and BOP scope.
• Thales Alenia Space: European-Joint venture building satellites and space infrastructure, including communications and Earth-observation platforms. Directly comparable to INVAP's satellite vertical (SAC-C, SAOCOM, ARSAT).
• IBA (Ion Beam Applications): Belgian designer of proton therapy systems, radiopharmacy, and dosimetry. Comparable to INVAP's Medical Systems vertical (radiotherapy centers, cyclotron, radiopharmacy) for cancer diagnosis/treatment.
• KHNP (Korea Hydro & Nuclear Power): State-owned Korean nuclear operator and EPC contractor exporting APR-series reactors globally. Closely parallels INVAP's state-owned EPC model and emerging-market reactor export approach (e.g., UAE, Egypt).
• HENSOLDT: German defense sensor and radar specialist offering air-traffic, surveillance, and electronic-warfare radars. Highly comparable to INVAP's RPA-200M and Defense/Security & Environment portfolio.

Emerging players

• Rolls-Royce SMR: UK small modular reactor venture. Emerging peer in advanced reactor delivery — adjacent to INVAP's research-reactor capability and a potential long-term competitor or partner in next-gen reactor markets.

Broad incumbents

• Westinghouse Electric Company: US-based nuclear reactor designer and EPC major with AP1000 and small modular reactor programs. Operates at much larger scale than INVAP and competes for the same utility and government reactor tenders.
• Airbus Defence and Space: Large European satellite prime and defense systems integrator. Comparable to INVAP in satellite manufacturing but at much greater scale and with global commercial reach.
• Rosatom: Russian state nuclear corporation with integrated reactor, fuel, and EPC offerings. Competitor on emerging-market research and power reactor tenders, bundled with sovereign financing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/invapargentina
• Facebookfacebook.com/INVAP

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about INVAP