SPACE RACE TAKING OFF AS INDUSTRY ATTRACTS CASH
GOLD Coast-based Gilmour Space Technologies has just helped launch the Australian Space Manufacturing Network, a joint initiative by more than 30 businesses hoping to win about $150m in government funding.
Gilmour is also among the leading advocates for the development of a new space launch facility at Abbot Point, near Mackay. It is part of a rush of activity as analysts predict that the global value of the space economy will swell to $1 trillion by 2030.
Since 2018, the federal government has committed more than $700m to boost the civilian space sector. The goal is to triple the industry’s value to $12bn and create 20,000 jobs over the next decade.
A key plank of the funding is known as the Moon to Mars initiative, a $150m effort offering grants of up to $1m through mid-2023 to help companies break into new markets.
Gilmour, which hopes to launch its first orbital rocket late next year, received $1m from the Moon to Mars war chest.
Gilmour is now building a special engine to help meet the growing global demand to shoot satellites into orbit.