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XTEK moves further into space industry after joining forces with Australian Space Agency

The two entities will assess investment opportunities in the Australian space sector that leverage XTEK’s capabilities.

rocket in space
XTEK believes it has the expertise to strengthen Australia’s space sector

XTEK Ltd (ASX:XTE) and the Australian Space Agency have entered into a joint statement of strategic intent and cooperation.

The statement outlines an intention to leverage the capabilities of XTEK to help highlight investment opportunities in the Australian space sector.

Australian space sector to grow to $12 billion in next 10 years

Head of the Australian Space Agency Dr Megan Clark AC said: “This statement will assist in the development of space-related industries in Australia and is consistent with the Australian Space Agency goal to grow the local space sector from $3.9 billion to $12 billion over the next ten years, and create up to 20,000 new space jobs.

“This Statement highlights how manufacturing companies can diversify their activities into the growing space sector in Australia.”

READ: XTEK secures $2.72 million after completing share placement

XTEK’s managing director Philippe Odouard said: “XTEK has in depth process engineering knowledge, product development and prototyping capabilities which enable it to provide the necessary design, build and testing support to Australia’s space sector.

“These unique capabilities provide a substantial edge, which can strengthen Australia’s position in contributing to international programs.

“This Statement represents a formal relationship with the Australian space industry, which validates the broader application of our novel XTclave technology.

“It also provides us access to a potential significant market in which we can continue developing and commercialising our advanced composite solutions.

“We look forward to supporting the Agency’s purpose to grow and transform a globally respected space industry.”

XTEK growing its presense in the Australian space sector

XTEK intends to build design and testing capabilities through several ongoing space application projects including the development of new space craft and launcher systems.

Further, XTEK also wishes to extend its involvement as an industry partner in the CSIRO’s Future Science Platform, to remain actively engaged with Australia’s space research community.

Quick facts: XTEK Ltd

Price: 0.82 AUD

Market: ASX
Market Cap: $43.6 m

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