Robert Dougherty

Shares in the US publicly listed technology company have drastically fallen over the past week following massive market capitalisation reportedly equating to approximately $2 billion.

The Australian aerospace company, specialising in hydrogen scramjet propulsion technology and hypersonic aircraft design and manufacture, has announced that it signed a framework contract with the MOD earlier this month for the multi-supplier Hypersonic Technologies and Capability Development Framework (HTCDF) initiative.

The collection of countries was formally established on 14 February this year in an initiative proposed by Latvia and co-ordinated with the UK.

The company recently announced an increase in the number of military components in support of the Royal Australian Air Force and Royal Australian Navy aircraft.

Approximately 140 aircraft and more than 4,000 personnel from 20 nations are participating in this year’s iteration of Exercise Pitch Black from 12 July to 2 August. The event is celebrating the largest participation in its 43-year history.

The ambitious system, designed to unite civil and military air traffic control across Australia, was originally conceived after a 2009 national aviation white paper but was later added as a ‘project of concern’ in 2017.