BlackSky Technology Shares Rise On Contract Award Worth Up to $290 Mln

Dow Jones10-03 21:43

By Chris Wack

BlackSky Technology shares were up after the company was awarded a five-year, up to $290 million multi-award indefinite-delivery, indefinite-quantity contract.

The satellite company said the contract is for monitoring global economic and environmental activity and military capability using high-cadence, rapid revisit satellite imagery and AI-driven change-detection analytics.

Shares of the Virginia company were up 6% to $5.23, and are down 43% in the past 12 months.

Under the contract, BlackSky expects to provide analytical services that detect and identify objects of interest such as aircraft, ships, vehicles, and shipping containers, using its current and future time-diverse satellite constellation to provide change-monitoring services over critical infrastructure.

BlackSky will use its broad area search capability to automatically detect and identify changes to the Earth resulting from human and natural activities such as deforestation, construction, mining, flooding and other phenomena that contribute to climate change or wildfires.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

October 03, 2024 09:43 ET (13:43 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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