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Catenae Innovation's (LON: CTEA) share price has rallied 16% on Monday after announcing it has received an order from Shetland Space Centre Limited (SaxaVord).
Shetland Space Centre is a satellite launch site and ground station in Unst, Shetland, which is being renamed SaxaVord UK Space Port.
The order covers Phase One of a three-phase project to deliver a digital dashboard solution to enable SaxaVord to monitor live satellite operations remotely from anywhere in the world.
Catenae will capture and aggregate data from multiple sources, including NASA, the European Space Agency, and SaxaVord's systems. Utilising Catenae's data visualisation services, users will be presented with a series of interactive dashboards which will enable SaxaVord to measure and monitor the performance of their ground station equipment and the satellites they connect with.
Catenae said the project came about through an introduction from Okullo plc, where Guy Meyer, Catenae's CEO, is a director and shareholder.
Meyer also has a small stake in SaxaVord.
“We are delighted to have received this order from SaxaVord and to be at the forefront of supporting the UK Space industry. The order affirms the Company's strategic approach to the development of our technology portfolio, to ensure that it is fit for purpose not just for COVID-19 and other health-related solutions, but also for deployment across multiple sectors,” said Meyer.
Despite the AIM-quoted company stating that the revenue resulting from the order is not significant, Catenae's share price has jumped 16% to 1.45p on the news.
Catenae Innovation shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are CTEA shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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