Gilmour Space Technologies, an Australian space company, has secured A$217 million in its Series E funding round. This investment includes A$75 million from the Australian federal government via the National Reconstruction Fund Corporation (NRFC) and a matching A$75 million from superannuation fund Hostplus. The funds are designated to support the development of the company's rocket technology and the expansion of its operations, including its spaceport in Bowen, North Queensland.
Funding Details
The A$217 million funding round saw participation from a range of investors. The Australian federal government contributed A$75 million through the National Reconstruction Fund Corporation (NRFC), with Hostplus providing an additional A$75 million. Other investors in the Series E round include Future Fund, HESTA, Blackbird, Main Sequence, QIC, Funds SA, NGS Super, and Brighter Super.
Operational Plans and Development
The secured funding is intended to accelerate the development of Gilmour Space's Eris orbital rocket and increase both satellite and rocket production. The company plans to expand its operations at its Gold Coast facility and its 94-hectare Spaceport in Bowen, North Queensland. The company currently employs approximately 60 individuals in the region and holds funding for three upcoming rocket launches. Whitsunday Regional Council Mayor Ry Collins stated that the local workforce could expand to around 300 individuals.
Adam Gilmour, CEO and co-founder of Gilmour Space, stated that the investment supports the development of sovereign space capabilities, aiming to enhance Australia's resilience and control in the sector. He added that the company's focus is on providing reliable and regular access to space for both domestic and international customers.
Regional and Industry Impact
Minister for Industry, Innovation and Science Tim Ayres commented on the investment's importance for Australia's space industry, highlighting the strategic relevance of space technologies, including their transferability to defense capabilities. David Gall, NRFC chief executive, noted that the expansion is expected to support essential Australian services such as communications and national security, while also contributing to regional economies through advanced manufacturing and skilled job creation.
Whitsunday Regional Council Mayor Ry Collins remarked on the announcement's significance for regional space industry development, projecting that rocket launches could attract up to 100,000 visitors to the area, citing an initial launch event that drew approximately 10,000 people. The Whitsunday Coast Airport has reported increased passenger activity, with a 15.1% year-on-year increase in August 2023 and over 50,000 passengers in December, indicating a trend of increased regional activity. University of Southern Queensland astronomer Rebecca McElroy indicated that investment in Australia's space sector is beneficial for the future economy, potentially leading to local capacity building and international contracts, as well as job creation.
Background
Gilmour Space Technologies conducted a 14-second test lift-off of its Eris orbital rocket in mid-2023. The company focuses on developing small, affordable rockets designed for launching satellites. This test was part of the development of what the company describes as the first Australian-designed and manufactured orbital rocket.