Spire Global Secures Contract Under European Space Agency's NAVISP Element 2 Program - Spire Global (NYSE:SPIR)

Spire Global Inc SPIR has secured a contract under the European Space Agency's (ESA) Navigation Innovation and Support Programme (NAVISP) Element 2 Program funded by UK Space Agency. Financial terms were not disclosed.
Spire will work with NAVISP to build on the current capabilities of the Spire constellation and develop tools needed for geolocation signal processing, which will be applied toward geolocating Global Navigation Satellite System (GNSS) interferences coming from Earth's surface.
NAVISP Element 2 emphasizes maintaining and improving the capability and competitiveness of the position, navigation, and timing (PNT) industry and its technologies and services in the global satellite navigation market.
Price Action: SPIR shares are trading higher by 4.25% at $4.42 during the premarket session on Tuesday.