Archer Materials Ltd (ASX:AXE) (OTCMKTS:ARRXF) (FRA:38A) has signed a non-binding letter of intent (LOI) with Australian Missile Corporation (AMC) to support Australia’s Sovereign Guided Weapons Enterprise.
AMC is a subsidiary of NIOA, a 100% Australian-owned Defence Prime Contractor and the largest Australian-owned supplier of weapons and munitions to Defence.
By signing the LOI, Archer Materials has confirmed its interest in cooperating with AMC to help fulfil the Australian Government’s long-term vision of developing sovereign Australian defence industrial capabilities.
Archer is developing quantum computing processor chip technology, and currently possesses advanced semiconductor manufacturing capabilities, that will be of benefit to a future sovereign guided weapons enterprise.
The Sovereign Guided Missile Enterprise
Announced by Prime Minister Scott Morrison on March 31, 2021, The Sovereign Guided Missile Enterprise is part of a $270 billion Government spend over the next decade to strengthen Australia’s defence forces, including high-tech submarines, new fighter jets, hypersonic weapons, and advanced munitions.
The new Sovereign Guided Missile Enterprise could be worth up to $40 billion over the next two decades, creating 2,000 jobs at various locations across the country.
NIOA established the Australian Missile Corporation as a team of like-minded Defence organisations willing and able to support the new enterprise.
Key capabilities in quantum computing
Archer CEO Dr Mohammad Choucair said: “Archer supports the Government’s vision for the development of a sovereign guided weapons enterprise in Australia and we look forward to contributing to NIOA’s collaborative initiative.
“Archer brings to this national endeavour key capabilities in quantum computing and advanced semiconductor materials manufacture which will be critical to creating, supporting, and developing Australian defence capabilities.”