Sypris Solutions (NASDAQ:SYPR) stock is rocketing higher on Friday following news of a space exploration deal with the U.S. Government.
This deal comes from a prime contractor of the U.S. Department of Defense. This will have Sypris Solutions manufacturing and testing of electronic assemblies that will be used in a government spacecraft program.
According to a news release, this spacecraft will be used for deep space exploration. The craft will be able to carry a crew and will also have to be able to reenter the Earth’s atmosphere after missions in space are complete.
So how far out is this spacecraft expected to travel? As far as Mars if things go well. The goal is to use it for missions to nearby asteroids, the Moon, and then eventually trips to Mars’ moons and the planet itself.
Jim Long, Vice President & General Manager of Sypris Electronics, said this about the news sending SYPR stock higher today.
“Sypris has been manufacturing space electronic hardware for many years for top-tier instrumentation, satellite and spacecraft providers. The opportunity to continue and expand our participation on this program is a privilege for Sypris Electronics. Our customer is a leader in the space industry and we look forward to working closely with them to ensure that this mission-critical program is a success.”
Sypris Solutions says that it expects to begin production of the parts for the spacecraft this year. It also doesn’t disclose any of the terms of the deal, including financials.
SYPR stock was up 58.4% as of Friday morning and is up 204.8% since the start of the year.
Sypris Solutions isn’t the only company seeing its stock rise higher today.
Several others are also seeing gains worth talking about. That includes Ocugen (NASDAQ:OCGN), C3.ai (NYSE:AI), and ION Geophysical Corporation (NYSE:IO). Investors can get up to speed on these stocks by checking out the following content from InvestorPlace.com.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.