Government’s Grant to Gilmour Space Technologies Boosts Queensland’s Space Race28th Jul 2021
Queensland’s space race is on. The competition in the space sector is getting spicier worldwide, and Queensland, which seemed a total outsider once, starts beating one rival after another. Its potential is enormous, and many connect it with Gilmour Space Technologies, founded in 2013. However, one can’t underestimate the government’s support either.
Queensland’s Space Race Reinforced by the Governments Support
The Government has invested top dollar in Gilmour Space Technologies as a part of their Space Industry Strategy. The space company seems to be the major beneficiary in this case. In fact, the investment boosts several economic areas. It was the first one made with the help of the Queensland Investment Corporation and Business Investment Fund, and in this respect, it has become historic. The fund will support numerous small and medium businesses, helping them revive amid the latest crisis.
Government’s Plans for Queensland’s Space Race
Coming back to Gilmour Space Technologies, the perks for the company are apparent. The investment is large enough, and together with $61 million secured globally, it will bring the Queensland space sector to a new stage. The Treasurer, Hon. Cameron Dick reveals that the government intends to see Australian satellites built and orbited from Queensland in the nearest future. Of course, rockets are a part of the plan, too.
How Gilmour Space Technologies Will Harness The Funding in Queensland’s space race
This investment will help Gilmour Space Technologies to achieve several important milestones. First, the staff number will grow from 70 to 120 by 2023. Second, the funding will boost the manufacturing of satellites and rockets to allow Gold Coast to produce up to 80% of launch systems. Plus, the company will get additional opportunities to develop their exclusive Eris rockets that incorporate the newest hybrid propulsion technology. Once these stages are completed, Queensland’s space race will have the potential to compete internationally, and Gilmour Space Technologies will have a role to play in that.