Israel's Defense Ministry and the US's Missile Defense Agency have completed the first round of tests on the Magic Wand system. The test was reportedly successful raising the chances of future investment.
The interceptor missile system is being developed for the Defense Ministry by Israel's Rafael Advanced Defense Systems and the US's Raytheon Co.
Israel is counting on the system to become the centerpiece of its air defense layout and provide a solution for a variety of short-range ballistic missiles, large caliber rockets and cruise missiles.
Batteries are meant to be deployed in a small number of locations. If development goes ahead as planned, the system will be able to intercept any object launched from a distance of at least 70 kilometers.
The system was designed to intercept ballistic missile warheads as well as long-range rockets. The interceptor missile, which is based on the most cutting edge technology in air defense, is estimated to cost $1 million.
In May 2011, defense officials estimated that the Magic Wand would become operational in 2014. Meanwhile, Israel is already working on a more sophisticated system with Boeing.