MDA Space Shares Rally With C$1 Billion Contract to Deliver Canadarm3 System
By Robb M. Stewart
MDA Space's shares jumped after the Canadian Space Agency handed the company a 999.8 million Canadian dollars (US$729.6 million) contract to continue working on the next-generation Canadarm that will be housed on a small exploration outpost orbiting the moon.
In early trading Thursday, the shares were 6.2% higher at C$12.77, widening the advance so far this year to 11%.
Canada's science and industry minister, Francois-Philippe Champagne, said the company would be given the funding to begin detailed design, construction and testing on Canadarm3, which will be the country's contribution to the NASA-led multinational Gateway space station.
MDA said the robotics system will include a large arm, a smaller dextrous arm, specialized tools for maintenance and science tasks, and a ground segment for command and control. The company also will support commissioning of the Canadarm3 robotics system once in orbit from a new mission control facility at its headquarters in southern Ontario.
Gateway will be located 1,000 times further from Earth than the International Space Station and crewed for a portion of the year. Canada's government said Canadarm3 will be used to maintain, repair and inspect Gateway, relocate modules, enable science in lunar orbit, help astronauts during spacewalks and capture spacecraft visiting the station.
MDA Space said the contract is milestone in efforts to develop commercial technologies that will serve emerging markets such as commercial space stations, lunar surface rovers and landers, satellite servicing in all orbits, and in-space assembly and manufacturing.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
June 27, 2024 10:43 ET (14:43 GMT)
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