Raytheon successfully fired its new Excalibur N5 during a recent field test at the Yuma Proving Ground in Arizona, the company announced Wednesday.

The new projectile is a 5-inch/127 mm naval variant of the Excalibur used by the U.S. Army, the U.S. Marine Corps, and several other armed forces around the world. It boasts triple the maximum effective range capability of conventional naval gun munitions, while delivering the same accuracy as the Excalibur Ib.

Duane Gooden, vice president of Raytheon's Land Warfare Systems product line, says the new projectile will be very helpful for the Navy.

"Excalibur N5's range, precision and lethality will revolutionize naval gunfire and increase the offensive firepower of our Navy's destroyers and cruisers," Gooden said in a statement. "This demonstration showcases the N5's maturity as a proven low-risk solution, and is ready for the Navy now."

The Excalibur N5 can be used for naval missions including surface fire support, anti-surface warfare, and countering fast attack craft.

The weapon was co-developed by Raytheon and London-based BAE Systems. According to Raytheon, about 770 rounds have been fired during combat missions. The company adds that the product saves on total mission cost through its lethality and accuracy.