CEA Technologies has signed a A$90m ($60.86m) loan agreement with the Australian Government to boost defence exports.
The agreement represents the first contract under the government’s Defence Export Facility designed to support air, land and sea defence contractors.
The loan is part of the government’s efforts to help small defence businesses pursue growth internationally.
According to the Department of Defence, the loan will generate 200 local jobs, including further high-tech jobs in CEA’s domestic supply chain.
The agreement will provide CEA Technologies with the financial wherewithal for the construction of a new engineering and manufacturing facility in Canberra, Australia.
The facility is intended to boost the company’s exports and meet the Australian Defence Force’s demand for phased array radars.
Australia Defence Industry Minister Melissa Price said: “CEA is a fantastic example of Australian industry providing advanced technology to protect our national security, as well as generating local jobs with high-value technological skills.
“This loan is a win, not only for CEA Technologies, but for the many Australian small businesses in their supply chain. It will support the delivery of innovative defence capability now and into the future.”
The Defence Export Facility is part of the government’s Defence Export Strategy, which aims to significantly increase defence export opportunities for local businesses.
Trade, Tourism and Investment Minister Simon Birmingham said: “This loan will ensure CEA has access to the necessary capital, which will allow them to meet the demands of multiple customers and grow their business through research and development at the same time.
“Providing more Australian businesses with the support to export not only enables them to grow but it creates more jobs, which is a key priority of the Morrison Government.”