Treasurer and Minister for Investment
QUEENSLAND, 15 July 2021 -- Queensland’s burgeoning space industry has received a major boost with the announcement of a significant investment by the Palaszczuk Government in Gold Coast-based Gilmour Space Technologies.
Treasurer and Minister for Investment Cameron Dick said the funding would bolster Gilmour’s latest round of private investment, which has secured $61 million from around the world.
“The Palaszczuk Government’s Space Industry Strategy is all about harnessing the opportunity presented by the rapidly evolving global space industry,” Mr Dick said.
“Our investment in Gilmour Space Technologies is the first made through the Queensland Investment Corporation and our Business Investment Fund, which aims to support job creation and innovation from small-and-medium-sized businesses as we deliver our plan for economic recovery from COVID-19.
“Gilmour Space was founded in 2013 by Brisbane-born brothers Adam and James Gilmour and is now one of the nation’s leading space companies seeking to launch small satellites into low Earth orbits.”
The Treasurer said the investment supported the Palaszczuk Government’s Space Industry Strategy 2020-25.
“We aim to position Queensland as the nation’s 'space coast' and Australasia’s leading centre for launch activities, ground systems, Earth observation, niche manufacturing, robotics and space automation," he said.
“Our injection of growth capital into Gilmour Space through the Business Investment Fund will fuel our race to win its share of the $1 trillion global space economy.”
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.”
The Treasurer said the Palaszczuk Government’s investment would help propel the next stage of Gilmour Space Technologies' path to orbit by:
Funding the construction of Gilmour Space’s unique Eris rockets featuring new and innovative hybrid propulsion technologies
Building sovereign satellite and rocket manufacturing capabilities so 80 per cent of the launch vehicles are constructed in Helensvale on the Gold Coast, drawing on a localised supply chain
Boosting the Gilmour Space Technologies team from around 70 employees to more than 100 by end of the year and 120 by the end of 2022
Provide financial ‘firepower’ to build 'roads into space', with larger, government co-funded deals initiating new launch sites
“The investment constellation for funding the space industry is bright in Queensland, with our state offering the natural ability to host launch sites as well as draw on the strong local talent and supply chains to boost growth,” Mr Dick said.
The Business Investment Fund is part of the Palaszczuk Government’s $3.34 billion Queensland Jobs Fund, which includes a range of programs designed to entice businesses to move or expand their operations here in Queensland and unlock growth across industries and supply chains to deliver better economic outcomes and create new jobs.