Momentus (NASDAQ:MNTS) stock is rocketing higher on Thursday after the space construction company signed a new deal with the Defense Advanced Research Projects Agency (DARPA).
According to a press release from the company, this deal will have it working alongside the government agency to build large-scale structures in space. This has them planning to transport raw materials from Earth to construct facilities in orbit.
The program that Momentus is joining is named DARPA Novel Orbital and Moon Manufacturing, Materials, and Mass-efficient Design (NOM4D). Solar arrays, antennas and optics are among the structures that the company will be building in space for DARPA.
Momentus CEO John Rood said the following about the deal with DARPA.
“We’re delighted by the opportunity to partner with DARPA to work at the forefront of the future in-space infrastructure economy. Vigoride’s flexibility, payload capacity, and power make it well-suited to support the demonstration of NOM4D technologies that overcome current volume, load, and vibration constraints currently limiting the type and scale of in- space structures.”
MNTS Stock Movement Today
News of the deal with DARPA has MNTS stock seeing heavy trading on Thursday. That has more than 39 million shares on the move as of this writing. This is well above its daily average trading volume of about 1.1 million shares.
MNTS stock is up 12.3% as of Thursday morning.
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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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
