The Paspalis Co-Investment Fund, a collaboration between Paspalis and the NT Local Jobs Fund, is thrilled to announce a $500,000 USD investment in Equatorial Space Systems (ESS), a developer of hybrid rocket propulsion technology based in Singapore. This strategic investment aims to support ESS in developing advanced launch vehicles that are more cost-effective, safe, and environmentally friendly, positioning both the company and the Northern Territory at the forefront of the growing global satellite launch market.
In an exciting development, ESS successfully conducted its first hot firing test at the Hidden Valley Facility in Northern Territory just 44 days after receiving the initial funding from Paspalis. This achievement highlights the company’s commitment to advancing its hybrid launch vehicle capabilities and demonstrates the potential for rapid innovation within the Territory. The initial test met expectations, showcasing the effectiveness of their propulsion systems and laying the groundwork for future developments.
Equatorial Space Systems has ambitious plans to leverage the unique geographical advantages of the Northern Territory, particularly its proximity to the equator, to enhance launch capabilities. By launching from this location, ESS can benefit from increased payload capacity due to the Earth’s rotational speed and direct access to equatorial and geostationary orbits, which are critical for various satellite applications, including communications and Earth observation.
ESS has established an Australian subsidiary to facilitate development and testing activities in the Territory, and recently signed a lease agreement at Hidden Valley, less than 20 minutes from the Darwin CBD. This site has been repurposed for static testing of the company’s propulsion systems. Additionally, ESS has executed a commercial lease for a staging and assembly workshop in Winnellie to support ongoing rocket launcher testing activities. The first commercial launch of the Dorado sounding rockets is scheduled for early 2025, targeting an altitude above 90 kilometres.
“We are excited about this investment from Paspalis, which will enable Equatorial Space Systems to enhance our capabilities and support our growth in the aerospace sector,” said Simon Gwozdz, CEO of Equatorial Space Systems. “By using the strategic advantages of the Northern Territory, we are committed to creating local job opportunities and advancing our innovative rocket technology.”
Currently ESS has employed 4 staff in Darwin, including Test Technicians and Engineers in the Territory, who will play pivotal roles in developing and testing propulsion systems. Looking further ahead, the company aims to secure a larger facility, employing staff to support the development of orbital launch vehicles, creating even more job opportunities and driving economic growth.
“Investing in Equatorial Space Systems represents a significant step towards positioning the Northern Territory at the forefront of the global launch market,” stated Alex Farrugia, Investment Manager at Paspalis. “It not only supports local innovation but also aligns with our vision of enabling companies that are meeting the increasing global demand for satellite launch services.”
The partnership comes on the heels of successful early-stage investments for ESS, from SEEDS Capital and Elev8.vc. With Paspalis Co-Investment Fund and Farquhar Ventures also on board as investors, this new funding round positions ESS to make significant strides in rocket propulsion technology.
For more information on the Paspalis portfolio of investments visit paspalis.com.au.
