Quickstep is the largest independent aerospace-grade advanced composite manufacturer in Australia, developing and licensing advanced composite manufacturing technologies for local and global markets.
Quickstep has developed a patented advanced manufacturing process for the moulding and curing (or strengthening) of composite parts called Qure, which is more efficient, faster and cheaper than the traditional industry method of making composites in an autoclave oven.
Quickstep uses this method to supply composite parts to aerospace manufacturers, both civil and military, as well as supplying manufacturing solutions that allow other aerospace and automotive manufacturers and suppliers to use its patented process to make composite parts themselves.
Two high profile contracts
Quickstep had a major breakthrough with its patented process, after receiving an order from an aerospace company for one its production machines.
The company was a government entity in Europe, which was looking to make shielding parts for its satellites.
Quickstep also won a major composite manufacturing contract from the United States government, which will see it join a panel of manufacturers from around the world supplying parts for a long-term program of building fighter aircraft.
Both these contracts required additional finance, whether it was covering the bonds for the first contract or a large capital investment for the second contract.
This would have consumed a huge amount of Quickstep’s working capital, which would have prevented it from funding the upfront costs for these projects.
While Quickstep’s bank was very supportive of these new projects, it required 100% cash security before it could provide the bank guarantee that Quickstep needed to proceed.