Sidus Space Inc (NASDAQ:SIDU) announced that as a member of the Solis Applied Science Team, it has been selected by the National Geospatial-Intelligence Agency (NGA) to provide research and development services to the agency’s Research and Development directorate.
The company said that the Research and Development Contract has a $794 million ceiling and was awarded to Solis Applied Science on January 25, 2024.
Task orders will be completed by four awardees, with the first task order scheduled for February 2024.
As part of the Solis team, Sidus said it expects to actively contribute to the Research and Development Contract activities, focused on the development, maturation, testing and integration of new concepts into functional prototypes.
The scope of the project includes research in foundational geospatial intelligence, advanced phenomenologies, and cutting-edge analytic technologies.
"The opportunity to contribute to NGA's Research and Development Contract aligns seamlessly with Sidus Space's commitment to pushing the boundaries of space technology and data services," Sidus CEO Carol Craig said in a statement.
"As part of the Solis team, we are excited to leverage our expertise in driving innovation, testing prototypes, and advancing capabilities that will shape the future of geospatial intelligence."
Meanwhile, the company also said that it has closed its previously announced public offering of 1,251,700 shares of stock or pre-funded warrants in lieu thereof at $4.50 per share including the pre-funded warrant exercise price for gross proceeds of $5,632,650 before expenses.
The proceeds from the fundraising will be used for working capital and general corporate purposes.
Sidus Space is a Space and Data-as-a-Service satellite company focused on mission-critical hardware manufacturing; multi-disciplinary engineering services; satellite design, production, launch planning, mission operations; and in-orbit support.