- Telesat (TSX:TSAT) stock spiked after signing a space technology company to build 198 satellites for the its Lightspeed low earth orbit program
- The Canadian satellite operator tapped space technology company MDA Ltd. (TSX:MDA) for the fully funded C$2.1 billion program
- The company called Lightspeed the largest space program ever conceived in Canada and will be among the most innovative broadband satellite networks in the world
- Telesat opened trading at C$16.14 per share and MDA opened at C$10.60 per share
Telesat (TSX:TSAT) stock spiked after signing a space technology company to build 198 satellites for the its Lightspeed low earth orbit program.
The Canadian satellite operator tapped space technology company MDA Ltd. (TSX:MDA) for the fully funded C$2.1 billion program.
The company called this the largest space program ever conceived in Canada and will be among the most innovative broadband satellite networks in the world. MDA will manufacture the Telesat Lightspeed satellites in its manufacturing facilities in Québec.
Telesat stock rose roughly 50 per cent Friday on this news, while MDA was up 27 per cent. Year-to-date, Telesat shares have risen 69.7 per cent.
In a news release, Canada’s Minister of Innovation, Science and Industry François-Philippe Champagne called this a team-up of two domestic champions to create high-skilled jobs and support cutting-edge innovation in the telecom industry, helping unlock economic and social opportunities in Canada’s rural and remote communities.
“Canada remains a strong supporter of Telesat Lightspeed and will continue to help solve some of the most pressing challenges we face here on Earth, from bridging the digital divide, to health, climate change, national security and more,” Champagne said in a statement.
Telesat provides mission-critical communications solutions to support the requirements of advanced satellite users throughout the world. Its fleet consists of 14 geostationary satellites and the Canadian payload on Viasat-1. It has developed a constellation of low earth orbit satellites and integrated terrestrial infrastructure, called Telesat Lightspeed. It provides a range of services, such as broadcast, enterprise and consulting.
Telesat opened trading at C$16.14 per share and MDA opened at C$10.60 per share.
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