CEA Technologies signs $90 million loan to aid expansion

High-tech radar and communications specialist CEA Technologies has signed the first contract under the Defence Export Facility.

The $90 million loan agreement, as reported by @AuManufacturing, was originally announced in January this year. It is administered by Export Finance Australia (then EFIC) under the Defence Export Facility. The Facility was announced by the then-Turnbull federal government in January 2018.

According to the release, it will help create 200 jobs through a new engineering and manufacturing facility for Canberra-based CEA.

“This loan will ensure CEA has access to the necessary capital, which will allow them to meet the demands of multiple customers and grow their business through research and development at the same time,” said trade minister Simon Birmingham.

Picture: Defence/CEAFAR radar aboard HMAS Perth