We’ve secured $8.45 million to fund our drone, defence, space and data centre strategies

We have received firm commitments to raise $8.45 million (before costs) via a placement to sophisticated, professional and institutional investors, including cornerstone participation by Tribeca Investment Partners.

The placement was strongly supported across the register — by global and local institutions, strategic investors, family offices, UHNW and HNW investors, and existing shareholders. It was completed at 10c per share, representing a 23% discount to the last closing price, a 14% premium to the 30-day VWAP, and a 1.4% premium to the 5-day VWAP.

Backing multiple growth fronts

The funds provide us with the financial flexibility to progress several commercial pathways at once.

On the drone and defence front, the raise supports our transaction with Energia 2000, including accelerated SiNTL scale-up activities targeting our 600 mAh/g milestone and preparation for sample production and OEM engagement.

In space, the funds allow us to progress our transaction with Orbit Boy as we move into the satellite and space battery market.

We are also assessing further potential opportunities across the broader defence, drone, satellite, aviation, robotics and autonomous vehicle sectors — including unmanned aerial, ground and sea vehicles, electrically powered aircraft, robotaxis and last-mile robotics.

Powering the data centre boom

At Aurora Energy Precinct, funds will support progression of the approved 140 MW / 280 MWh Battery Energy Storage System (BESS) toward commercial outcomes, along with continued engagement with data centre proponents seeking firmed renewable energy and high-capacity connectivity. Aurora could provide up to 900 MW of reliable renewable energy, positioning the site to benefit from Australia’s fast-growing data centre boom.

We are currently in due diligence engagement with several data centre groups regarding potential investment in Aurora.

Integrated silicon platform

The raise also supports continued development of our integrated silicon platform — including the potential for carbon derived from our SiPHyR® reactors to be used in SiNTL anode material production, and leveraging thermal energy storage to enable low-carbon, dispatchable energy inputs into materials production.

Our Executive Chairman, Dr Kevin Moriarty, said:

“This Placement puts us in a strong position to convert our drone, space and data centre engagement into commercial outcomes. SiNTL’s performance characteristics are resonating directly with defence, aerospace and space customers who can see the benefits the silicon nanoparticle technology offers. With the recently announced drone, UAV and satellite testing programs, we are moving from technology development into real-world validation and expect these to materialise into commercial revenue-generating opportunities. At the same time, Aurora is attracting serious interest from data centre proponents who need firmed, large-scale renewable power. This Placement strengthens our balance sheet as we advance discussions on all fronts.”

Read the full ASX announcement here.

We have entered into a testing and commercialisation agreement with Orbit Boy, a European space company based in Turin, Italy, to evaluate our SiNTL™ silicon-anode battery technology for use in satellites, rockets and spacecraft — and potentially in space-based defence laser systems.

This is our first space-sector partnership and marks a significant expansion of the markets we are targeting with SiNTL, following our recently announced drone and UAV testing program with Ukrainian defence manufacturer Energia 2000.

About Orbit Boy

Orbit Boy has developed three core space systems designed to form the critical infrastructure for launching, assembling, servicing and defending satellites and orbital assets:

The Orbit Boy Launcher is a reusable, on-demand air-launch system capable of deploying satellites from a cargo plane anywhere in the world on 24 hours’ notice. Its rocket launch capability is built on heritage technology tested across approximately 500 launches over the past five years.

The ARCap Module is an autonomous satellite docking system capable of performing repairs and maintenance on other satellites in orbit, including orbital data centre satellites.

The Solaris Space Defence Laser is a satellite-mounted 1.1 kW high-powered laser designed to track, intercept and neutralise threats to satellites and orbital assets.

Orbit Boy is partnering with the European Space Agency, Luxembourg Space Agency, Korea AeroSpace Administration, ThalesAlenia Space, the Polish Space Agency, Agenzia Spaziale Italiana and the German Space Agency.

Why space is the right market for SiNTL

Battery energy density is one of the most critical constraints in space applications. The cost of launching each kilogram of payload, combined with the impossibility of replacing a satellite’s batteries once in orbit, means satellite manufacturers demand the maximum possible capacity from every cell. A battery failure can render an entire satellite inoperable.

SiNTL has demonstrated at least 50% greater energy density than traditional graphite anode batteries and is designed to be compatible with existing battery manufacturing processes — characteristics that make it a strong candidate for satellite and space applications.

The global space battery market is estimated at US$3.4 to US$4.6 billion in 2025 and is forecast to roughly double by the early 2030s. More than 9,000 satellites now operate in low Earth orbit, most with operational lifespans of five to seven years — creating a steady and growing replacement cycle. Demand is being further accelerated by emerging orbital data centre programs, with several Tier 1 companies including Northrop Grumman, Airbus Defense and Space, Thales Alenia and Axiom Space exploring or developing orbital computing capabilities.

The testing program

Under the agreement, SiNTL-based batteries will initially be tested in European satellite design laboratories for readiness for deployment into rocket and spacecraft power systems. Orbit Boy will also assist in procuring a satellite manufacturer to conduct live in-space testing of SiNTL-based batteries aboard real satellites in Earth’s orbit.

The program runs across six milestone-gated stages, from SiNTL sample and cell validation through to a final qualification report. Subject to initial performance outcomes, the program may extend to evaluation for use in Orbit Boy’s Solaris Space Defence Laser.

Commercial model

Ownership of SiNTL and all related intellectual property remains with us and George Washington University at all times. Subject to successful testing, our commercial model is expected to include anode material supply, battery technology licensing, and royalties on approved battery packs and platforms across satellite, space, aerospace and defence applications.

As consideration for the testing agreement, we will subscribe for A$500,000 in equity in Orbit Express in two equal tranches of A$250,000, tied to program milestones.

Subject to favourable performance outcomes, Orbit Boy has indicated it would look to integrate SiNTL-based batteries across its Orbit Boy Launcher, Solaris Space Defence Laser and ARCap module — platforms being developed to enable the assembly, maintenance and protection of orbital gigawatt-scale AI data centres.

SiNTL enters real-world UAV testing with Ukrainian Government-approved drone manufacturer

We have entered into a battery evaluation agreement with Energia 2000, a Ukrainian Government-approved defence manufacturer, to test our SiNTL™ silicon anode battery technology across a range of active drone and UAV platforms.

This is our first formal defence-sector partnership and a significant step in the commercialisation of SiNTL – moving from laboratory validation into real-world operational testing in one of the world’s most active UAV development environments.

The partnership

Energia 2000 has more than 25 years of operational history and currently manufactures 72,000 military drones and UAVs per year, with plans to scale to 360,000 units per year within 24 months through its subsidiary Spectech Industries. The agreement also involves Trecenta Systems, a Ukrainian project supervision and legal services firm acting as program supervisor, funds administrator and guarantor.

Why batteries matter for drones

Battery capacity is a primary limiting factor for drone range, payload and mission duration. SiNTL has already demonstrated specific capacity of 530 mAh/g – well above graphite’s theoretical maximum of 372 mAh/g – and our program is targeting 600 mAh/g. These performance characteristics are directly relevant to the range, endurance and payload requirements of modern UAV platforms.

The testing program

The evaluation will cover fixed-wing UAVs, heavy multirotor systems and FPV strike platforms, providing us with access to five active Ukrainian drone battalions for operational evaluation, subject to final approvals. The program is structured across six stages – from SiNTL sample and cell validation through to a final qualification report and commercialisation review – with a pass/fail review at each stage before the next commences.

Successful completion is intended to form the basis for Energia 2000’s adoption of SiNTL-based batteries into its drone production.

Commercial model

We hold an exclusive global licence to the SiNTL technology and retain full commercial rights. Subject to successful testing, our commercial model is expected to include supply of SiNTL anode material, battery technology licensing, royalties on approved battery packs and platforms, and future supply arrangements with defence, UAV and aerospace customers.

We also see this partnership as a pathway to broader industry visibility — particularly with NATO-aligned nations and Tier 1 defence primes — as we continue to receive inbound interest from drone, satellite and related industry participants.

Our Executive Chairman Dr Kevin Moriarty commented:

“This programme gives us a direct and practical pathway to test SiNTL™ in one of the most demanding battery environments in the world. UAV performance is increasingly limited by battery range, endurance, charging time and reliability. SiNTL was developed to address precisely these challenges.”

Read the full ASX announcement here.