Sidus Space, Inc. (NASDAQ: SIDU) is a Cape Canaveral, Florida-based space-as-a-service company, which offers a wide range of space-focused hardware manufacturing, design engineering, satellite development, launch and support services, and more. Shares of the space company are surging 61% through early trading on Friday, May 6, 2022. Over the past three months, Sidus Space has seen average daily volume of 198,830 shares. However, volume of 60.15 million shares or dollar volume of around $190.68 million, has already exchanged hands through early trading.
Shares of Sidus Space are soaring after the company announced that it has entered into a memorandum of understanding (MoU) with Dhruva Space Private Limited to expand and commercialize new and innovative space technologies and related services. The partnership will initially focus on collaborating on space programs in the United States and India by leveraging their combined expertise in satellites, Mission Operations Centers, Ground Stations, hardware, software and more.
Furthermore, the partnership will support each other through expanding research & development of new space technologies, fielding of satellites and related technologies, commercialization of space technologies, and more. The agreement also includes sales & marketing of manufacture, integration and deployment of satellites to increase the Technology Readiness Level (TRL) of technologies through on-orbit testing and other space-simulated environments.
“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,” said Carol Craig, Sidus CEO/Founder. “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.”
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