Sidus Space Inc (NASDAQ:SIDU) announced that it has signed a launch agreement with space technology company SpaceX for five launches of its LizzieSat satellite beginning in early 2023.
The company's stock soared following the announcement, spiking more than 30% in the early afternoon to close up about 15% at US$3.05.
Sidus has designed and is manufacturing LizzieSat, which is in the advanced stages of development and offers many differentiating attributes.
According to the company, LizzieSat satellites fly custom payloads tailored to maximize return on investment; Sidus manufactured 3D printed satellites maximize customer volume within a lightweight bus; redundant attitude controls systems provide precision pointing for payloads; and propulsion maintains satellite orbit and provides collision avoidance capability.
READ: Sidus Space hails its vital role in NASA's historic Artemis I mission
The company said the launches would support previously announced contracts with NASA and Mission Helios, as well as prospective customers that Sidus continues to layer into its pipeline in all areas including payload hosting and capturing space-based data.
Sidus CEO Carol Craig said the company was excited to partner with SpaceX for safe, reliable launch services for multiple LizzieSat satellite deployments into diverse orbits that meet its customer’s needs.
“We look forward to continuing our journey of ‘Bringing Space Down to Earth’ for a variety of customers, industries, and new use cases,” she said.
“Our agreements with SpaceX and other launch partners will allow us to develop a consistent launch cadence for Sidus Space moving forward. Participation in these SpaceX launches will enable Sidus to meet the robust demand for our services.”
Founded in 2002 by Elon Musk, SpaceX designs, manufactures, and launches advanced rockets and spacecraft.
Sidus Space is a Space-as-a-Service satellite company focused on mission-critical hardware manufacturing; multi-disciplinary engineering services; satellite design, production, launching planning, mission operations; and in-orbit support.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie