The funding from Rafael Advanced Defense Systems -- $30.2 million -- will finance fabrication of sub-system components, including guidance electronics and various safety systems, Raytheon said.
"The Stunner interceptor redefines the performance/cost value equation for terminal missile defense," said Mike Booen, vice president of Advanced Security and Directed Energy Systems for Raytheon Missile Systems. "Stunner will provide all weather, hit-to-kill performance at a tactical missile price."
Stunner is a fire-and-forget missile being developed by the two companies for use with the David's Sling Weapon System, an Israeli missile defense program. The Stunner interceptor would be used to defeat short-range ballistic missiles, cruise missiles and large caliber rockets.
The first flight test of the stunner system is planned for later this year.
Raytheon said the new funding would also finance flight tests and low-rate initial production of the system.
"The Stunner program is an excellent example of how Raytheon partners globally," said Booen. "The interceptor will be deployed initially in Israel and will eventually provide a missile defense solution for other allied nations worldwide."
2014: The Year in Music [PHOTOS]