Defence advanced manufacturer PFG Group has secured $600,000 in funding from the Tasmania state government to construct an ultra-durable High Density Polyethylene prototype vessel.
The project is expected to help PFG Group secure future Australian job opportunities across the domestic and international military and security domains.
PFG Group specialises in manufacturing polyethylene products for a wide range of applications and industries. Over recent years, it has made significant progress towards unlocking manufacturing capability in defence, particularly with its range of advanced tactical watercraft.
PFG Group and the state government reached an in-principle agreement on the fundamental commercial loan terms, minister for state growth Roger Jaensch said.
“We will now work collaboratively towards finalising the legal arrangements to underpin the loan,” Jaensch said.
“With the Royal Australian Navy and Royal New Zealand Navy each looking to replace their sea-boat fleets over the next two decades, this prototype vessel will ensure that PFG has every opportunity to secure these contracts and create additional jobs.”
The state government has provided ongoing support for the Advanced Manufacturing and Defence Industries through innovation, commercialisation and upscaling operations.
Mininster for Advanced Manufacturing and Defence Technologies, Jeremy Rocklcliff, said prospective buyers will be able to see the vessel’s advanced capabilities upon the project’s completion.
“We recognise PFG’s importance to the Tasmanian economy through its status as a large employer in Tasmania, as well as through the local supply chain businesses that rely upon its operations,” Rockliff said.