MDA Space (MDA.TO) has expanded its agreement with Globalstar (GSAT.A) to develop the next generation of low Earth orbit (LEO) satellites, bringing the total contract value to approximately C$1.1 billion ($767.19 million), the company announced on Monday.
As competition intensifies in the satellite communications industry, MDA Space will manufacture more than 50 state-of-the-art digital satellites for Globalstar, a competitor to major players like SpaceX’s Starlink.
With this extension, MDA Space will add over C$750 million to its order backlog in the first quarter of fiscal 2025. The original contract, announced in late 2023, had already contributed C$350 million.
Globalstar, based in Covington, Louisiana, operates LEO satellites that provide data and phone transmission services, as well as Earth observation capabilities. The company counts Apple (AAPL.O) among its stakeholders, strengthening its position in the satellite communications sector.
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