11:13 AM EST, 12/04/2024 (MT Newswires) -- Telesat ( TSAT ) and MDA Space ( MDALF ) on Wednesday said they concluded a key phase in the Telesat Lightspeed low Earth orbit (LEO) constellation program with the completion of the spacecraft preliminary design review.

According to the statement, the completion shows that the design meets the program's functional and performance requirements. The preliminary design reviews for several key subsystems have also been completed

Telesat ( TSAT ) and MDA Space ( MDALF ) are now transitioning to the program's detailed engineering and manufacturing phase, including the critical design review.

When complete, the Lightspeed program will use 198 satellites to provide internet to rural and remote regions.

Earlier this year, MDA Space ( MDALF ) began construction on a new facility to double the capacity of its high-volume satellite manufacturing facility in Quebec, where the Telesat Lightspeed satellites will be produced. Telesat ( TSAT ) plans to begin launching satellites in 2026.

Telesat ( TSAT ) shares were last seen down $0.62 to $18.44, while MDA Space ( MDALF ) is up $0.64 to $28.33 on the Toronto Stock Exchange.

Price: 18.44, Change: -0.62, Percent Change: -3.25