Inovor Technologies Secures $2 Million Grant from Economic Recovery Fund

November 26, 2024

Inovor Technologies has been awarded a $2 million grant from the South Australian Government’s Economic Recovery Fund (ERF). This significant funding will accelerate Inovor Technologies’ cutting-edge projects, reinforcing South Australia’s position as a leader in the space and Defence sectors.

The grant will be used to fast-track Inovor’s advanced manufacturing capabilities, supporting the company to develop the infrastructure needed to expand from building CubeSats to larger ESPA class satellites opening up new opportunities in the global space market. It will generate local job opportunities, eventually creating up to 70 new jobs in future phases, along with upskilling of Inovor’s current engineering workforce to build the skills and knowledge needed.

The funding will also support Inovor to demonstrate its leading ‘Australis Bus’ small satellite technology in a maritime surveillance application for the first time, showcasing this local capability on the global stage.

“We are immensely grateful to be one of the successful projects for this grant from the ERF. This investment will enable us to expand our space and Defence capabilities and bring our innovative solutions to the forefront of the global market. It is a testament to the hard work and dedication of our team and the trust that the State Government has placed in us,” said Dr. Matt Tetlow, CEO & Founder of Inovor Technologies.

By advancing to manufacture ESPA class satellites, Inovor Technologies will offer enhanced capabilities and services, catering to a broader range of missions and applications. This strategic move will position Inovor Technologies at the forefront of the space industry,  expanding its market reach and fostering innovation in satellite technology.

Importantly, this grant leverages Inovor’ s close partnership with Japanese prime IHI Corporation to provide space infrastructure and enhance the safety and security of maritime operations and surveillance on a global scale. Yoshifumi Asakura, General Manager of Space Systems Business Development Office of IHI Corporation, commented on this partnership, stating: “Working with Inovor Technologies represents a very important international collaboration opportunity for the IHI Corporation. This partnership allows us to combine our expertise and resources to drive innovation and create advanced space solutions. We look forward to a successful collaboration that will significantly contribute to the global space and Defence industry.”

Chief Executive of the South Australian Space Industry Centre, Matt Opie, said the announcement would add important capability to the local space sector: “The expansion of Inovor Technologies’ advanced manufacturing capabilities is an exciting leap for the Australian space sector. It will not only elevate the nation’s sovereign expertise in large satellite manufacturing but also unlock new opportunities for Inovor to compete on the global stage.”

The South Australian Government’s ERF aims to assist business and industry in key areas to grow job opportunities, improve productivity, increase exports and support innovative, value adding technologies in South Australia.

Inovor Technologies, headquartered in Adelaide, continues to lead the way in the development of advanced satellite technologies and space mission solutions. With this new funding, the company is set to further its contributions to the global space industry and bolster South Australia’s reputation as a hub for innovation and technological excellence.

This announcement marks a pivotal moment for Inovor Technologies and the South Australian space industry, promising exciting developments and opportunities in the near future.