The Israeli Defense Ministry said on Monday it expects to implement a high-powered laser interception system within a year.
Called the Iron Beam, the system would work along other interceptors such as the Iron Dome and seek to shoot down smaller projectiles. It is expected to be able to destroy them in about four seconds by overheating them.
The Iron Beam's main advantage would be reducing the cost of every interception. Each projectile launched by the Iron Dome has an estimated cost of $100,000, while each laser interception would have an estimated cost of $3.
The Defense Ministry announced that it has signed a $535 million contract with manufacturers Rafael and Elbit to "significantly increase" the rate of production "in order to supply laser systems on time and at a high rate."
Israel's in development high-powered laser interception system, dubbed Iron Beam, is expected to be operational within a year, the director general of the Defense Ministry says.
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Israel continues to wage a war in several fronts, with slim prospects of a deal despite the killing of top Hamas and Hezbollah Leaders. Seeking to break the stalemate, Egyptian President Abdel Fattah al-Sisi proposed over the weekend a two-day truce in Gaza and limited hostage exchange aimed at securing a "complete ceasefire."
The proposal made on Sunday includes exchanging four Israeli hostages held in Gaza for Palestinian prisoners in Israeli jails, and would be followed by more negotiations within 10 days, Sisi said at a news conference in Cairo. Israel acknowledged the proposal but analysts suggest chances of it being implemented are slim because Hamas wants assurances that the war will end and Israel is refusing to make such a commitment if it means Hamas will remain in power in Gaza.
Israel is also on its toes regarding the chances that Iran will respond to an attack conducted on early Saturday against Iranian bases as Teheran considers whether to retaliate.
Lt. Gen. Herzi Halevi, chief of staff of the Israel Defense Forces, said Saturday's airstrikes "hit strategic systems" and sent a "clear message" to Iran, the Times of Israel said. "We drew upon only some of our abilities," Halevi said. "We have the ability to do much more."
Halevi also said Israel "will see how things develop now" but is "ready for all scenarios on all fronts" following its retaliatory attack for Iran's Oct. 1 missile barrage against Israel.
Iranian Supreme Leader Ayatollah Ali Khamenei is still considering his options, which may include terror attacks outside Israel, Channel 13 said.
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