MDA AWARDED $269M CONTRACT FOR NEXT PHASE OF THE CANADARM3 PROGRAM
News Release: March 10, 2022
Phase B preliminary design contract awarded to MDA as market demand for next-generation technology in the global space economy accelerates
MDA Ltd. (TSX:MDA), a leading provider of advanced technology and services to the rapidly expanding global space industry, today announced that it is receiving $269M from the Canadian Space Agency (CSA) for the next phase of the Canadarm3 program.
Today’s award for Phase B of the program will see MDA complete the preliminary design of the Canadarm3 robotics system that will be used aboard the NASA-led Gateway – a major, multi-year international collaboration to establish a sustainable space station in lunar orbit to support human and robotic missions to the surface of the Moon.
This builds upon MDA’s completed Phase 0 and subsequent Phase A, which established the technical requirements needed for the design and manufacturing of the Canadarm3 Artificial Intelligence (AI)-based robotic system. Operating approximately 400,000 kilometres from Earth, Canadarm3 will be a highly innovative autonomous system capable of maintaining itself and making decisions with minimal human intervention.
“This is another important milestone for MDA that demonstrates our ability to execute in the rapidly accelerating global space economy and further reinforces our role as a worldwide leader in robotics and space operations,” said Mike Greenley, Chief Executive Officer of MDA. “MDA now intends to leverage its world-class engineering capabilities, mission expertise, and cutting-edge Canadarm3 technology with an eye towards commercializing space robotics products in the years ahead.”
“Driven by Canada’s strategic investments in space robotics, Canadarm3 will fuel incredible opportunities for our space sector,” said CSA President Lisa Campbell. “Within a growing global space economy, MDA will work with Canadian companies from coast to coast, strengthening a robust industrial supply chain primed for leadership and success as humanity returns to the Moon and ventures farther than ever before.”
The contract will be added to MDA's backlog in the first quarter of fiscal 2022, with the design work expected to be completed over the next 17 months.
Serving the world from its Canadian home and global offices, MDA (TSX:MDA) is an international space mission partner and a robotics, satellite systems and geointelligence pioneer with a 50-year story of firsts on and above the Earth. With over 2,200 employees across Canada, the US and the UK, MDA is leading the charge towards viable Moon colonies, enhanced Earth observation, communication in a hyper-connected world, and more. With a track record of making space ambitions come true, MDA enables highly skilled people to continually push boundaries, tackle big challenges, and imagine solutions that inspire and endure to change the world for the better, on the ground and in the stars.
This press release contains forward–looking information within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events. Forward–looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking information. Such risks and uncertainties include, but are not limited to the factors discussed under "Risk Factors" in the final long form prospectus of the Company dated April 1, 2021. MDA does not undertake any obligation to update such forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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