The Australian rocket company, Gilmour Space Technologies, has received a significant financial boost of $75 million from taxpayers. The Queensland-based firm is developing a low-cost rocket to launch small satellites into space, aiming to make Australia a significant player in the booming global space industry.
The funds, provided through the Australian Government’s Future Fund, represents a vote of confidence in Gilmour Space Technologies’ ability to deliver on its ambitious goals. The investment will be used to develop the company’s Eris rocket, with the first launch planned for 2023. The Eris rocket is designed to carry payloads of up to 305kg into low Earth orbit, servicing the rapidly growing market for small satellites.
The company’s co-founder and CEO, Adam Gilmour, has expressed his gratitude for the support and stated that the funding will accelerate their mission to make space more accessible and affordable. The funds will also contribute to the creation of new jobs in the space sector, further boosting the local economy.
Gilmour Space Technologies has been recognised as a leading player in Australia’s space industry, which is expected to triple in size to $12 billion by 2030. The company has already raised over $100 million in venture capital funding and has attracted interest from major global investors, including Blackbird Ventures, Main Sequence, and 500 Startups.
The investment in Gilmour Space Technologies is part of a broader government strategy to support the growth of Australia’s space industry. The Australian Space Agency, established in 2018, has the ambitious goal of tripling the size of the country’s space economy by 2030, and creating up to 20,000 new jobs in the sector.
In a global context, the investment is seen as a strategic move to ensure Australia’s competitiveness in the international space industry. The global space economy is estimated to be worth over $350 billion, and it’s expected to grow to over $1 trillion by 2040. Small satellite launches are a key part of this expanding market, with demand driven by a wide range of applications, including telecommunications, Earth observation, and scientific research.
However, competition in the satellite launch market is fierce, with several other companies, including SpaceX, Rocket Lab, and Blue Origin, also developing small satellite launch vehicles. Gilmour Space Technologies will need to demonstrate the reliability and cost-effectiveness of its Eris rocket to secure a share of this lucrative market.
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