The £74m Riverside Museum project in Glasgow has received a £500,000 donation.

The donation from Farnborough-based BAE Systems, the defence and aerospace company, means the project is now ahead of its fundraising schedule.

The Riverside Museum Appeal Trust has already secured £69m from Glasgow City Council and the Heritage Lottery Fund, leaving only £5m to raise itself.

Nigel Whitehead, chair of BAE Systems’ heritage committee, said: “The Riverside Museum shares our vision of being proud of our heritage while looking to the future, and we are delighted to able to provide this sponsorship that will help inspire Scotland’s engineers of tomorrow.”

As part of the five-year sponsorship deal, BAE Systems will work with the Riverside team to deliver exhibits and educational activities for schools and young people.

Designed by Zaha Hadid Architects, work on the Riverside Museum is being carried out by contractor HBG.

Work is expected to be complete by the end of 2010, with a scheduled opening date of Spring 2011.

Once complete, the new museum will have 7,500sq m (80,729 sq ft) of public space with more than 3,000 objects on display, including the Tall Ship Glenlee, which has already been restored and will be moored outside the museum.