Terran Orbital Corporation, a renowned global leader in satellite-based solutions catering primarily to the aerospace and defense sectors, proudly announced today that its wholly-owned international subsidiary, Tyvak International s.r.l., has secured a prime contractor role under a significant €4.5 million contract with the European Space Agency (ESA). This contract is designated for a groundbreaking proximity operations and in-orbit servicing mission, set to deploy a nanosatellite spacecraft from the European uncrewed robotic laboratory, Space Rider.
Following the announcement, Terran Orbital’s stock experienced a substantial surge in value.
At the time of this publication, Terran Orbital Corp stock (LLAP) has witnessed a surge.
Terran Orbital Corp
Current Price: $0.85
Change : +0.16
Change (%): (24.10%)
Source: Tomorrow Events Market Data
The Space Rider, a state-of-the-art uncrewed robotic laboratory, boasts dimensions equivalent to that of two minivans. Over the course of its mission, Space Rider will return to Earth with its payloads for unloading and refurbishment in preparation for subsequent flights.
The deployed nanosatellite is slated to execute proximity operations maneuvers around the Space Rider, showcasing unprecedented in-orbit servicing capabilities. This milestone initiative will not only enable technology demonstrations but will also catalyze research efforts in pharmaceutics, biomedicine, biology, and physical sciences.
The contractual collaboration with Tyvak International paves the way for the development of nanosatellite technology, ensuring its readiness for onboarding and deployment during the experimental phase in orbit, across a spectrum of ESA’s Space Rider flight missions. This landmark achievement sets the stage for future recurrent servicing missions.
This pivotal contract is forged in partnership with a consortium comprising prominent Italian industries and esteemed research institutions. Key collaborators in this venture include the Polytechnic University of Turin, the University of Padova, and StellarProject SRL.
Terran Orbital Co-Founder, Chairman, and Chief Executive Officer, Marc Bell, expressed his profound appreciation, stating, “Terran Orbital is honored to be selected once again for a prime contract with the European Space Agency. Leveraging space technology for research in critical domains such as proximity operations and in-orbit servicing will deliver substantial benefits to our partners and bolster the safeguarding of invaluable and strategically vital orbital assets. I am eagerly anticipating the leading role that Tyvak International s.r.l. will play in this endeavor.”
Securing the ESA contract marks a significant milestone for Terran Orbital and its subsidiary, Tyvak International. This achievement not only highlights their technical expertise but also solidifies their standing as trusted partners in advancing cutting-edge space missions and in-orbit servicing capabilities.