NRFC commits $10m to Hypersonix Launch Systems’ Series A
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The news: The National Reconstruction Fund Corporation (NRFC) committed to a $10 million equity investment into Australia aerospace firm Hypersonix Launch Systems (HLS) to test, develop and manufactures its next-generation DART hypersonic aircraft.
The numbers: The $10 million in NRFC funding will pay for product development, the establishment of advanced manufacturing capabilities in Queensland, and hypersonic testing of HLS’ DART vehicles by the US Government’s Defence Innovation Unit.
The NRFC funding is part of a $46 million Series A funding round, led by High Tor Capital with co-investment from QIC and global defence investors SaaB and RKKVC.
The context: HLS’ DART vehicle is a “hydrogen powered, air-breathing, scramjet aircraft that travels between Mach 5-7,” and burns cleanly while allowing for significantly faster and longer sustained flights.
HLS’ first DART test flights will take place at NASA early next year and the company also has a partnership in place with Nasdaq-listed Kratos Defence & Security Solutions (KTOS).
North Ridge Partners, an Australian-based aerospace and defence investment bank, acted as financial adviser to the HLS Series A funding round.
With $15 billion to invest, the NRFC has previously poured funding into Morse Micro, Brandon Capital, Harrison.ai, and Russell Mining Equipment.
What they said: NRFC CEO David Gall said: "Defence is one of the NRFC's priority areas and we see huge potential in backing Australian companies and innovations that build our sovereign capability while also tapping into the global market for hypersonic and counter hypersonic capabilities among our friends and allies…Investing in Hypersonix will help to boost Australia’s aerospace capabilities by creating highly skilled design, engineering, and manufacturing jobs in regional Queensland.”
QIC Ventures partner Nicholas Guest said: “This is breakthrough technology allowing Australia and its allies to fly faster, further, and more often with an unmatched combination of speed, sustainability, and cost advantage."
The source: HLS press release
