Israeli media outlet Haaretz reported on Monday that US arms manufacturer Lockheed Martin signed an agreement with Israeli Rafael Advanced Defense Systems to work on a joint project to produce a new high-energy laser weapon system (HELWS) that works as an air defense system.

The system will be manufactured in favor of both the United States and "Israel", in addition to other undisclosed countries, and will be called Iron beam.

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In a press release, the heads of both companies said that, “this strategic teaming agreement serves as a force multiplier for Rafael and the Israeli market."

“We are working to ensure our customers receive the most advanced, effective and best-in-class systems. This agreement will expand and diversify the capabilities we can offer to a variety of customers.”

The Israeli outlet said that it is expected that within three years a functional system will be deployed on the border of the Gaza strip.

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Rafael and Elbit Systems, two Israeli weapons manufacturers, have been working on developing laser systems for the interception of missiles and drones for a few years now.

The US supplies "Israel" with $3.3 billion in Foreign Military Financing (FMF) per year, including $500 million for cooperative missile military initiatives.

Last June, during US President Joe Biden's visit to occupied Palestine, then-Israeli Prime Minister Yair Lapid requested a special budget for the development of laser weapons that will work in tandem with operational air security systems such as the Iron Dome.