The Kleos Space SA (ASX:KSS) share price is today taking off as the company provided an update on its scouting mission launch. The Kleos share price has risen by 7.55% to 28 cents on the news.
What is Kleos Space?
Kleos is a space powered radio frequency reconnaissance company. Kleos aims to guard borders, protect assets and save lives by delivering global activity-based intelligence and geolocation as a service. The Luxembourg company provides data as a service (DaaS) to its clients.
Furthermore, its upcoming cost-effective global geolocation data will be critical in the enforcement of law and regulation.
The first Kleos Space satellite system, known as Kleos Scouting Mission (KSM), will deliver commercially available data and perform as a technology demonstration. KSM will be the keystone for a later global high capacity constellation. The scouting mission will deliver targeted daily services with the full constellation delivering near-realtime global observation.
Why is the Kleos share price rocketing?
This morning, the company reported an update on the launch of KSM on the Indian Space Research Organisation's latest mission. The company is launching scouting satellites under a ride-share contract with Spaceflight Inc, with the launch managed by NewSpace India Limited (NSIL).
The Kleos Scouting Mission's four satellites have been mission-ready since the middle of 2019. They were shipped to the launch site in February 2020, with the launch expected in March. However, the COVID-19 pandemic has delayed launch operations.
The company has been updated on a new launch date for the four Kleos satellites, with current planning aiming for the 1st half of November. However, Kleos noted the schedule was subject to change depending on operational circumstances beyond NSIL control.
Foolish takeaway
the Kleos share price has gained a little over 80% since listing on the ASX in late 2018. The monitoring company generated no revenue for its half year ending 30 June 2020, but the Kleos scouting mission offers attractive future potential. The Kleos share price is down 8% for the year.
