The Queensland Government has announced a “significant investment” in Gold Coast-based Gilmour Space Technologies through the Queensland Investment Corporation (QIC) to help propel the next stage of the company’s path to orbit.
Gilmour Space Technologies, which also secured $61 million from global investors earlier this month, develops new launch vehicles powered by lower-cost, orbital-class hybrid propulsion technologies that use safer and lower cost fuels than traditional chemical propulsion rockets.
The company will use the funding to construct its unique Eris rockets featuring hybrid propulsion technologies and to build sovereign satellite and rocket manufacturing capabilities drawing on a localised supply chain.
It will also take on more than 100 new employees by the end of the year and 120 by the end of 2022, and build ‘roads into space’, with larger, government co-funded deals initiating new launch sites.
Gilmour Space CEO and co-founder Adam Gilmour welcomed QIC’s participation in the Series C raise.
“This investment will directly support the growth of Australia’s sovereign space and manufacturing capabilities,” Mr Gilmour said.
“It will help us work with more local suppliers, hire more graduates, and retrain more skilled workers from other industries to help us build and launch Australian-made rockets and satellites from Queensland.”