Venture Capital Packing a Punch

A key role of any innovation hub worth its salt is to attract high-growth companies seeking to commercialise technologies in growth sectors. For the Northern Territory, one of these growth sectors is advanced manufacturing.

The Darwin Innovation Hub provides high-growth companies support through access to direct venture capital investment, expert advice and highly valuable grant programs. 

Accelerating Commercialisation, for example, will match private sector investment dollar-for-dollar with a Commonwealth Government grant, up to $1 million per project. 

The Paspalis Innovation Investment Fund No. 2 has recently thrown its support behind Amphibian Aerospace Industries (AAI) with a $1.5 million early-stage investment. 

AAI will use this investment fund to co-invest in both the Northern Territory Local Jobs Fund and a kickstart program to refurbish and build a new version of the Albatross flying boat that can take off and touch down on land, snow, ice and water. 

The “new” G-111T Albatross will feature, on the proven airframe, new Pratt & Whitney PT6A-67F engines, which will substantially improve performance, fuel economy and reliability. 

AAI is relocating its refurbished aircraft from Melbourne to Darwin, establishing a new facility and office at Darwin International Airport. 

AAI is a good example of how early-stage technology investment in an aviation manufacturing company can provide a technology proof of concept and unlock a pathway towards later stage capital investment, modern manufacturing, skilled jobs and industry growth in Darwin. 

AAI first caught the eye of the Darwin Innovation Hub when it took out first prize at our annual Croc Pitch event in 2021, impressing the judging panel with its aspirations to create a modern assembly and manufacturing facility for the Albatross in Darwin. 

Modern manufacturing is a goal for Australia. Why not have a go? Manufacturing companies such as AAI attract a supplier base around them, and companies who have not yet explored the NT as an aviation manufacturing base are now looking at the creative possibilities. 



We believe this project will also be able to leverage other grant programs consistent with Australia’s desire to relaunch modern manufacturing and high value jobs in Australia.