Orbit Technologies Ltd. (TASE:ORBI) has won a strategic contact with the European Space Agency (ESA). Market sources estimate the size of the deal at several million dollars.
The ESA is the leading European organization for space technology research. It is responsible for space programs of the 21 EU member states. The agreement with Orbit arises from the ESA's need to monitor low-earth orbit imaging and surveillance satellites.
"In the past few months, we've been expanding our business in Europe, especially in the field of remote sensing from space," said Orbit president and CEO Avi Cohen. "The new contract with the European Space Agency represents important technological recognition by a leading agency and marks a success of the company's marketing effort in Europe."
Cohen added, "The real significance of this contract is that it gives a foothold in the European space market - a multibillion dollar market. We will continue to invest efforts in the European market as part of the company's growth strategy."
Orbit's share price rose 3.2% by midday to NIS 24.35, giving a market cap of NIS 215 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 25, 2011
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