08:05 AM EDT, 10/10/2024 (MT Newswires) -- Magellan Aerospace ( MALJF ) said Thursday that it is collaborating with University of Manitoba (UM) and other partners on a new satellite project to monitor and protect the Earth's orbital environment.

Canada's Department of National Defence (DND) science and technology organization, Defence Research and Development Canada, and the UK's Defence Science and Technology Laboratory are also part of the project.

Magellan and UM are currently partnered on the DND-funded Redwing space domain awareness microsatellite project. Redwing is a research and development microsatellite valued at $15.8 million, that is being designed, built, and operated in Canada.

"Collaborations between industry, academia, and government are the foundation of innovation in the space sector," said Corey Mack, Magellan's director of engineering and space systems. "These partnerships merge cutting-edge research with industry expertise, accelerating advancements that will shape the future of space exploration and will cultivate the next generation of space professionals."

Magellan's share price rose 2.4% yesterday to near 52-week highs of $9.65 on the TSX.