Canberra based defence company CEA Technologies today signed the $90 million loan agreement, which will create 200 local jobs, including high-tech jobs in its Australian supply chain.
FILE PHOTO (July 2019): HMAS Arunta sporting her distinctive CEAFAR2-L phased array radar developed by Australian company CEA Technologies. Photo by Leading Seaman Kylie Jagiello.
This is the first contract awarded under the government’s Defence Export Facility.
CEA Technologies will use the loan to finance the construction of a new engineering and manufacturing facility in Canberra to help grow their exports and meet Australian Defence Force demand for their world-class phased array radars.
Minister for Defence Industry Melissa Price commended CEA Technologies on their contribution to both Defence capability and Australia’s defence industrial base.
“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,” said Minister Price.
“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.”
Minister for Trade, Tourism and Investment Simon Birmingham welcomed today’s signing, which he said highlighted the government’s commitment to helping small Australian defence businesses reach their full export potential.
“This loan will ensure CEA has access to the necessary capital that will allow them to meet the demands of multiple customers and grow their business through research and development,” Minister Birmingham said.
“Providing more Australian businesses with support to export not only enables them to grow but it creates more jobs.”
The Defence Export Facility, administered by Export Finance Australia, is an initiative of the government’s 2018 Defence Export Strategy. For more information on the Defence Export Facility visit: https://www.exportfinance.gov.au/
For more information on other initiatives in the Defence Export Strategy, visit: http://www.defence.gov.au/Export/Strategy/