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South Australian defence company Asension has unexpectedly closed in an abrupt blow to the domestic defence industry.
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The sophisticated electronic components, sensor, and system provider operated within the domestic defence industry, vying for contracts with the Australian Defence Force since it was established in 2018.
The electronic warfare, engineering, operations and planning company also worked closely with universities, the Defence Science and Technology Group, and industry partners. The company was headquartered in Adelaide with a workforce under 50 employees.
Co-founding member and chief executive officer Ian Spencer said the closure of the 100 per cent sovereign-owned and Australian veteran-operated company was saddening.
“It is with a heavy heart that I share with you all the news of the closure of the business that I co-founded with my partners back in 2018,” he said.
“Our company was dedicated to developing cutting-edge sensor technology for the Australian Defence Department and allied markets, with a vision of strengthening the Australian Defence Industry Base.
“Unfortunately, despite our best efforts, multiple external factors such as COVID-19 supply chain delays and changes to Defence procurement patterns due to multiple Defence reviews, hindered our ability to commercialise the technology and generate adequate cashflows to maintain the business. This left us with no choice but to close our doors.
“I want to take a moment to thank everyone who put their heart and soul into this endeavour, including our staff, shareholders, and investors. We couldn’t have asked for a better group of employees, executives, and board of directors. I know that many of you, like me, have given your blood, sweat, and tears to this project, and I am grateful for your dedication and hard work. It has been a tough time for all of us, and I wish you all the best for the future.
“I am happy to report that almost all of our staff have since secured roles elsewhere and are thriving in their careers. As for me, I am now seeking my next opportunity to put my skills, experience, and scars to the test. I am confident that my time with this company has prepared me for whatever challenges lie ahead, and I am excited to see what the future holds.”
Late last year, the South Australian-based electronic warfare company had previously announced it had signed a distribution agreement with spectrum monitoring and communications company Alaris Antennas to expand product range and meet technical demand.
Asension is not related to fellow South Australian defence company DEWC Services.
