Here's Why Sidus Space Stock Is Soaring

Sidus Space Inc SIDU shares are trading higher Wednesday after the company announced a $2.5 million agreement with Netherlands for laser communications testing on one of its satellites.

What Happened: Sidus Space has been awarded a $2.5 million contract with The Netherlands Organization for Applied Scientific Research (TNO) to deploy and test the organization's laser communications technology aboard one of the company's LizzieSat satellites.

TNO will design and deliver a high-efficiency miniature communications laser terminal and then Sidus will integrate it into its hybrid 3D printed satellite. Sidus will manage all aspects of integration, deployment and operations.

"This partnership will allow us to demonstrate further versatility of our LizzieSat platform and advance our mission of 'Bringing Space Down to Earth' while continuing to expand our reach into the international satellite market," said Carol Craig, founder and CEO of Sidus Space.

Sidus Space considers itself a Space-as-a-Service company. It focuses on commercial satellite design manufacture, launch and space-based data collection combined with space and defense mission critical hardware manufacturing.

From Last Month: Are Space Stocks An Unexplored Frontier? 2 Top Stock Picks For 2023: BofA Analyst

SIDU Price Action: Sidus Space has a 52-week high of $9.72 and a 52-week low of 37 cents.

The stock was up 23.1% at 72 cents at time of publication, according to Benzinga Pro.

Photo: David Mark from Pixabay.

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