Gilmour Space Technologies "over the moon" about $150 million space investment

Written on the 24 September 2019 by Business News Australia

Gilmour Space Technologies "over the moon" about $150 million space investment

Gold Coast space giants Gilmour Space Technologies have welcomed the just announced $150 million investment by the Federal Government into the NASA program 'from the Moon to Mars'.

The government hopes its investment will propel the currently $4 billion sector into the stratosphere.

Speaking yesterday at Gilmour Space Technologies' Gold Coast HQ Minister for Industry, Science and Technology Karen Andrews says the government is committed to growing the sector in Australia to be worth $12 billion.

Businesses like Gilmour Space Technologies will be well placed to take advantage of the funding, with Australian space businesses now able to be a part of the next NASA mission into space.

In the last three years Gilmour Space Technologies has grown quickly, employing 45 people in that period, and developing a unique propulsion system for a suborbital rocket designed to deliver satellite payloads into space.

Co-founder James Gilmour (pictured) said yesterday the $150 million will put the space sector on a seriously fast track.

"I think the money that went into the space agency initially was well known to be seed money, but it wasn't going to move the needle," says Gilmour.

"I have publicly been very vocal saying we need at least $100 million. I love to be surprised, $150 million's even better. And this will definitely move the needle."

"We've been working very hard to develop technology, and we've said the goal to generate all the jobs and all the extra revenue is doable, but it needs investment, and this is exactly what the Government's done," says Gilmour.

Gilmour says the company hopes to take advantage of a slice of the $150 million to be put toward future developments.

"Space 2.0 is all about doing things orders of magnitude cheaper," says Gilmour.

"So, we're trying to build a rocket that's probably 10 times cheaper than anyone's ever done it before. And I think if the money is spent wisely, the Australian public would be really surprised how far it can go in developing really cool space technology. And that's what the new space industry is about, doing things fantastic for cheap."

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