Jerusalem, Israel - Israel's defense ministry said on Monday it has earmarked $530 million to accelerate development of the laser air system known as "Iron Beam."

"The Ministry of Defense has signed a major deal worth approximately 2 billion shekels to significantly expand procurement of the laser interception systems, 'Iron Beam,'" a statement said.

The system is aimed at improving the interception of drones and other projectiles, amid Israel's ongoing assault on Gaza and Lebanon.

Iron Beam would supplement other aerial military capacities such as the more well-known Iron Dome.

Joke of the Day Joke of the Night for November 20, 2024: The best jokes to laugh the day away

These have been unable to intercept every projectile launched at Israel in the last year, resulting in both civilian and military casualties.

The defense ministry will work with companies Rafael and Elbit, the statement said.

It quoted ministry director general Eyal Zamir as saying he hoped the new system would "enter operational service within a year."

Rafael Advanced Defense Systems is Israel's national military research and development arm.

Elbit said in a separate statement the ministry granted it a contract worth about $200 million specifically to develop Iron Beam.

Israel announced in late September it had received a new US military aid package worth $8.7 billion. The ministry said $5.2 billion of that was designated for air defense systems, including "supporting the continued development of an advanced high-powered laser defense system currently in its later stages of development."

Joke of the Day Joke of the Night for November 21, 2024: The best jokes to laugh the day away

After a test in 2021, the defense ministry published a video showing a laser system on a small aircraft fire an energy beam at a drone, apparently burning a hole and setting it ablaze.

Israel's current Iron Dome offers short-range protection against missiles and rockets, such as projectiles fired from Gaza and Lebanon.

David's Sling and successive generations of Arrow missiles are Israeli-American technology paid for with US assistance and built to bring down ballistic missiles.

The latest military aid package came amid growing public outrage over the US government's ongoing support for Israel's genocidal assault on Gaza and escalated attacks on Lebanon.