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Archer Materials (ASX:AXE) - CEO, Mohammad Choucair - The Market Herald
CEO, Mohammad Choucair
Source: Archer Materials
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  • Archer Materials (AXE) has penned a deal to collaborate with the Australian Missile Corporation (AMC) 
  • A non-binding letter of intent has been signed with AMC, a subsidiary of NIOA, involving Archer’s quantum computing processor chip technology
  • This follows the Australian government’s announcement to spend $270 billion over the next decade to strengthen Australia’s defence forces
  • Archer Materials is trading up 7.48 per cent at 79 cents at 10:45 am AEST

Archer Materials (AXE) has penned a deal to collaborate with the Australian Missile Corporation (AMC) to support Australia’s sovereign guided weapons enterprise.

A non-binding letter of intent was signed with AMC, a subsidiary of Australian-owned defence prime contractor NIOA, confirming Archer’s interest in fulfilling the Australia Government’s long-term vision of developing sovereign Australian defence industrial capabilities.

Archer will work with AMC to seek opportunities to contribute to the Commonwealth Government’s new sovereign guided weapons enterprise, involving Archer’s quantum computing processor chip technology.

This follows on from Prime Minister Scott Morrison’s sovereign guided missile enterprise as part of a $270 billion Government spend over the next decade to strengthen Australia’s defence forces. Funds will be poured into high-tech submarines, new fighter jets, hypersonic weapons and advanced munitions.

According to the Australian Department of Defence, the new enterprise could be worth up to $40 billion over the next two decades, creating 2,000 jobs at various locations across the country.   

“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 CEO Dr Mohammad Choucair said.

“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.”

Archer Materials was trading up 7.48 per cent at 79 cents at 10:45 am AEST.

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