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Made in Space

Varda’s W-series capsules use a slow-melting heat shield. During high speed (Mach-25+) re-entry, the surrounding air compresses into superheated plasma while the heat shield chars and erodes away, carrying heat off the vehicle. This wonderful piece of material science keeps the capsule’s internal payload within safe operating temperatures despite extreme external heating of around 2000 Celsius.

Technology Watch – Space Manufacturing

Every new environment humans gain access to creates new industries. Oceans gave us shipping and energy. The internet gave us software and networks. Space will allow us to make new stuff.

Microgravity manufacturing is a new technology with a close to $1 billion capital deployed in the last year through VC firms like Peter Thiel’s Founders Fund. Australia has a significant role to play here: the coming back down bit (re-entry) given our wide open spaces, stable weather, and lack of air congestion.

Gravity doesn’t just affect the size of your earlobes, it affects the purity of all crystalline structures. In space, crystals grow with near-perfect symmetry while fluids and alloys mix without stratification. A significant part of the next-generation pharmaceuticals and semi-conductors will be “Made in Space”.

Most people will miss this because they’re looking at space through the lens of rockets and astronauts and exploration. We think the bigger story is economic: space as a factory floor. And we think Australia can be a material part of this factory floor.

Somewhere above you, right now, Varda Space Industries W-6 spacecraft is circling the Earth at 28,000 km/h. Now, a single Varda capsule won’t change the world. But when one becomes a hundred, when a hundred becomes a thousand … then new supply chains are formed.

“Made in Space – Landed in Australia” might soon become a standard.

Watch the Varda Southern Launch re-entry

Market Watch – Quantum

At Powerhouse Venture Partners, we have long held the conviction that AI and Quantum will converge. We are now seeing Quantum move from a research curiosity and into a commercial tipping point:

  • McKinsey’s April 2026 report:
    • 300+ companies using quantum in workflows
    • Potential $2.7 trillion economic value by 2035
  • Funding remains strong:
    • >$2bn raised across recent deals in the sector
  • Technical + commercial progress:
    • Nvidia launched AI models to improve quantum error correction
    • IonQ reported 755% YoY revenue growth and early commercial demand signals

Sovereign Watch – Batteries

At Powerhouse Venture Partners, we are strongly motivated to make new science become new industry. We therefore spend a lot of time trying to connect dots. We are doing this on a number of programs and this section will be devoted to both trying to explain our efforts and as a call to action from our network.

Here, we discuss critical minerals supply chain and batteries.

The opportunity to build a sovereign battery capability lies in a low volume/high value approach to battery production. We simply cannot compete with the likes of CATL or LG with mass produced EV batteries. However, we can and should service the high growth ‘drone’ and autonomous vessel demand – especially given with markedly more near-term Government investment committed from the recent Defence Integrated Investment Programme 26.

Providing proven and tested Australian battery tech for Drones and Unmanned Aircraft Systems, Unmanned Underwater Vehicles and Unmanned Surface Vehicles can and should be supported as “Government Furnished Equipment”.

Australia is ramping up to build one bluebottle every week. These are yacht-sized vessels powered by wind, solar and battery. We need to get sovereign batteries and other value-add technical content into those boats! Australia has enough of the core IP. One of our portfolio companies will be developing the ruggedised ceramic coated separators. Stay tuned!

Bluebottle™ USV with ABFC Thaiyak off Ashmore Reef
UAV Photo taken courtesy ABFC Thaiyak Crew

Disclaimer: This blogpot is for informational purposes only, it does not constitute investment or financial advice. Nothing here constitutes an investment offering of any kind, unless expressly stated. Before acting on any information contained in this blogpost, each person should obtain independent taxation, financial and legal advice relating to this information and consider it carefully before making any decision or recommendation. The Powerhouse Group of Companies holds an Australian financial services licence (AFSL# 497505) and may have a shareholding in some companies discussed. Visit our website to read our privacy policy.

Will Cunning

Corporate Advisor

Conor brings expertise in ECM and corporate advisory, with a track record in transactions and capital raisings for ASX-listed and private companies​. He advises institutional and wholesale clients across ECM, corporate advisory, M&A, and private equity transactions in the childcare sector.​ Conor has 6+ years at a boutique corporate advisory firm in Melbourne; a BA in Politics & International Relations (University of Melbourne) and Kaplan Tier 1 Securities certification.

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Will Cunning

Investment Manager

Will has worked with the Aliwa Alpha fund for over 3 years and has prior experience in small and mid-cap equities across both tech and industrials. Prior to working at the Alpha Fund, William spent 3 years at a boutique research firm providing stock coverage to Australia’s top small and mid-cap institutional fund managers. Before entering financial markets, William worked in technology consulting at Gartner International and ran operations and analysis at a successful Brisbane based SaaS startup.

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Ben Hodge

Advisor

Ben has a diverse and accomplished background in business and technology. He has led, founded, and successfully exited businesses in the IT and medical devices industries, showcasing his entrepreneurial skills and ability to navigate complex technological sectors. For the past 2 and a half years, Ben has acted as Investment officer at PVL and provided research and analytical capabilities to the PVL investment team.

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Richard Rouse

Head of Advisory

Richard has over 14 years of expertise across corporate advisory, equity capital markets, institutional sales and equities research. He specialises in advising ASX-listed and private companies on capital raisings, the ASX listing journey, secondary issues and M&A. Richard is passionate about structural growth opportunities, special situations and advising public companies on capital markets strategy.

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Doron Eldar

Executive Director

Doron is a tech entrepreneur and venture capitalist with over a decade of senior leadership experience on both sides of the industry. He’s a Partner in SIBF, an Israeli Venture Capital firm with expertise in corporate strategy, business development, M&A, and go-to-market strategies. He is deeply involved in VC leveraging his extensive background to identify and nurture high-potential startups. He has held various managing positions in both private and public companies, driving growth, spearheading strategic initiatives, and facilitating successful exits. His passion lies in fostering innovation and guiding businesses toward sustainable success.

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Dave McNamee

Executive Director

Dave is the founder and Portfolio Manager at Aliwa Funds Management, a boutique investment firm focused on finding, investing in, and helping Australia’s best emerging companies. His role has naturally extended to taking an active role with board and management teams helping them deliver on execution, strategies and capital market initiatives. He has invested in a broad range of sectors and built strong relationships with industry experts and investment networks.

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James Kruger

Executive Chairman

James is a seasoned executive and investment banker. With 20+ years at Macquarie Group in senior roles, he was involved in commodities, derivatives, investment banking, funds structuring and group-wide strategies. Further, James is a long-time investor in quantum computing, materials science and other next frontier technologies, and has a passion for improving the sovereign capability of Australia through the commercialization of its research and IP capabilities.

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Geoffrey Nicholas

Chief Financial Officer
Geoffrey is an experienced business leader with a proven track record in business acquisitions and operational integrations, most recently leading the integration of five acquisitions in the space of two years at 5G Networks. With more than 18 years’ experience in senior finance functions in the IT sector both in Australia and internationally, Geoffrey has applied the same dedicated focus on financial metrics and performance to drive these organisations forward.
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Will Cunning

Investment Manager
Will has worked with the Aliwa Alpha fund for over 3 years and has prior experience in small and mid-cap equities across both tech and industrials. Prior to working at the Alpha Fund, William spent 3 years at a boutique research firm providing stock coverage to Australia’s top small and mid-cap institutional fund managers. Before entering financial markets, William worked in technology consulting at Gartner International and ran operations and analysis at a successful Brisbane based SaaS startup.
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Ben Hodge

Advisor
Ben has a diverse and accomplished background in business and technology. He has led, founded, and successfully exited businesses in the IT and medical devices industries, showcasing his entrepreneurial skills and ability to navigate complex technological sectors. For the past 2 and a half years, Ben has acted as Investment officer at PVL and provided research and analytical capabilities to the PVL investment team.
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Richard Rouse

Head of Advisory
Richard has over 14 years of expertise across equity capital markets, merges & acquisitions, corporate advisory and equities research. He specialises in advising private and ASX-listed companies on capital raising, the ASX-listing journey, secondary issues and M&A. Richard is passionate about assisting technology-led and structurally growing companies with capital markets strategy.
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Doron Eldar

Executive Director
Doron is a tech entrepreneur and venture capitalist with over a decade of senior leadership experience on both sides of the industry. He’s a Partner at STIF, an Israel Venture Capital firm with expertise in corporate strategy, business development, M&A, and go-to-market strategies.
He’s closely involved in VC investment in the Australian education and identity sectors and established a tech park and maker hub, guiding scale-ups in AI, blockchain and robotics. His passion lies in fostering innovation and creating pathways toward sustainable success.
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