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SKY and Space Global Ltd shares jump after successful 3 Diamonds launch

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The SKY and Space Global Ltd (ASX: SAS) share price is certainly having a strong end to the week.

As we approach the market close, the communications infrastructure company’s shares are up 6% to 26 cents.

This latest gain means that SKY and Space Global’s shares have now climbed over 200% since the start of the year.

What happened?

This afternoon Sky and Space Global’s 3 Diamonds nano-satellites were successfully launched into space.

The 3 Diamonds launch is the first step in the company’s aim of providing affordable communication services to those who are currently without it across the Equatorial Belt.

By 2020 the company aims to have a full constellation of 200 nano-satellites in the equatorial orbit.

Previously, management has estimated that a full Equatorial constellation of its nano-satellites has the potential to generate between US$600 million and US$1 billion in annual revenues.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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