Sidus Space, Inc. (NASDAQ: SIDU), a Space-as-a-Service satellite company focused on commercial satellite design, manufacture, launch, and data collection, recently signed a memorandum of understanding with Dhruva Space Private Limited to further commercialization of new and innovative space technologies and services. Therefore, in response to the announcement, SIDU stock skyrocketed.
With this partnership, Sidus Space and Dhruva Space will explore collaborations to support the missions of the space programs in India and the United States through strategic alignment and value-add agreements related to satellites, Mission Operations Centers, Ground Stations, space-related hardware and software, and other technologies.
In addition, the partnership will include a foundation of services that will support:
- Each company’s individual research and development of new space technologies, while also pursuing space science research and planetary exploration;
- Collaboration on the fielding of satellites and related technologies;
- The discovery and expansion of knowledge for the benefit of humanity; and
- The commercialization of tested and sustained space technologies.
The agreement will also include the sales and marketing of manufacture, integration, and deployment of satellites to rapidly raise the Technology Readiness Level (TRL) for technologies with on-orbit testing of subsystems and other technologies in a space environment.
“Our renewed and enhanced agreement with Dhruva Space is another significant step towards our collective plans to design, manufacture, deploy and support constellation-based solutions for global commercial and government customers. This agreement with Dhruva was just one of the many significant customer and partner opportunities that came out of the SATELLITE 2022 conference in March. We believe this relationship with Dhruva will significantly increase the number of potential opportunities and customers of both companies. With Dhruva, we look forward to meeting our goals of bringing space down to Earth for anyone with our turnkey solutions.”said Carol Craig, Sidus CEO/Founder
At the time of writing, the SIDU stock was up by a huge 58.8833% and traded at $3.13 (up by 1.16 points) in the market trading session today. The market capitalization of the stock stood at $50.8 billion. Moreover, the share volume traded for the SIDU stock was 89,059,699, skyrocketing than the average share volume of 198,746.