THEON announces new strategic US and European investments and partnerships to build global leadership in Digital and Augmented Reality defense optronics domain under the THEON NEXT initiative
PRESS RELEASE
Bloomberg (THEON:NA) / Reuters (THEON.AS)
Strategic Investment and Partnership with KOPIN Corporation - Augmented Reality System Development
Long-Term Supply Agreement with eMagin Corporation, OLED Displays
Strategic Industrial Partnership with ALEREON, Wireless Communication
Extending AR-MR-VR Capability via Investment in VARJO
11 August, 2025, Theon International Plc (THEON) is proud to announce new strategic investments and strategic partnerships as part of its THEON NEXT initiative, building a platform to drive the development of next-generation soldier systems through targeted investments, collaborations, and co-development initiatives.
With a focus on the creation of innovative Digital and Augmented Reality (AR) solutions THEON NEXT aims to onboard best-in-class partners in their field of expertise to help shaping the future of operational dominance in modern warfare environments. To this end, THEON is announcing four major investments / strategic cooperations in the United States and Europe, marking a significant milestone in its journey to continue being a global leader in man-portable electro-optics. These transactions reinforce THEON's commitment to innovation, supply chain security, and transatlantic cooperation in defense technologies.
Following the establishment of a leading position in night vision systems, THEON has successfully expanded into thermal and digital solutions with its new A.R.M.E.D. product family. Similarly to the approach adopted for traditional Night Vision systems, favoring vertical integration and long-term supply agreements, THEON is now proactively stepping further into the rapidly growing Digital and AR domain, which relies on three critical technologies:
Augmented and Virtual Reality Software, the foundation of next-generation soldier systems, enabling immersive situational awareness, enhanced decision- making, and digital overlays in real-world environments.
Micro-displays, essential for next generation visual augmentation systems, with a strategic focus on developing a US-European microLED technology.
Near-Range Wireless Connectivity, enabling seamless, cable-free integration of soldier gear with real-time data transmission.
To successfully face these challenges, THEON announces four major initiatives and agreements that not only constitute relevant milestones in its technological roadmap but also deepen the US-European industrial cooperation:
First, THEON is investing a total of $15 million in Kopin Corporation ((KOPIN, NASDAQ:KOPN), a US-based defense micro-display and sub-system specialist with operations in the US and Scotland, UK. This comprises a $7 million interest bearing loan, convertible in preferred stock of KOPIN at a share price range of $3 to $4.5 in THEON's option, and $8 million capital increase for the acquisition of a 49% stake in KOPIN's Scottish subsidiary, which will serve as the foundation for a new European joint venture acting as the global (non-US) conduit for the production and distribution of AR-enabled systems co-developed between KOPIN and THEON and microLED display production. The whole investment in KOPIN of $15 million, is geared towards the co-development of products and reflects the belief by THEON, that the already extensive R&D investments that KOPIN has undertaken have established the necessary foundation, for a cooperation that can promptly translate into cost efficient, AR-enabled products.
This strategic partnership will also see THEON US subsidiary (T-Industries) moving their relevant industrial and product development operations at KOPIN's facility in Reston, VA, which shall become the US manufacturing hub for THEON's AR-enabled and future digital electro-optic products. As part of T-Industries' normal course of ...
