EnSilica PLC (AIM:ENSI) shares traded up on Wednesday on the news of a new €2.13 million development contract by the European Space Agency (ESA).
The project will focus on developing a silicon component that enables next-generation multi-band Global Navigation Satellite System (GNSS) capabilities, with the ESA covering 80% of project costs.
EnSilica last month landed a £10.38 million award from the UK Space Agency (UKSA) for a project under its Connectivity in Low Earth Orbit programme.
“This funding will enable us to further enhance global navigation satellite systems technology and continue to develop commercial solutions that are critical for resilient and reliable satellite navigation,” chief executive Ian Lankshear said in a statement.
“We are grateful for the ongoing support from ESA and the UKSA, and we continue to focus on PNT and the broader satellite communications market as a key growth driver of our business."
EnSilica shares were up 6% changing hands at 43.2p.