Spire Global Lands ~$50M Contract For Canadian Wildfire Detection; Stock Jumps

Shares of space-to-cloud data and analytics provider Spire Global, Inc. SPIR are surging on Friday.

Spire Global Canada, a division of Spire Global, has secured a C$72 million ($50.40 million) agreement with the Canadian government to create a satellite network for tracking wildfires.

Spire will design and build a specialized satellite constellation to track all active wildfires across Canada from space, supporting the country’s WildFireSat mission.

Spire is collaborating with OroraTech, a in space-based thermal analysis, to develop the payloads for the satellites, which will be essential for wildfire monitoring.

Scheduled for launch in 2029, the WildFireSat mission will be a joint effort with the Canadian Space Agency (CSA) and various government organizations.

The primary objective is to deliver vital data on wildfire dynamics, smoke, and air quality, focusing on the peak burn period when wildfires reach their highest intensity.

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Spire’s latest initiative aims to tackle Canada's persistent wildfire challenge and minimize loses, costing the country approximately C$1 billion each year.

The total financial burden is much higher when considering property damage, evacuation expenses, and the effects on industries like forestry and tourism.

In support of the WildFireSat mission, Spire will enhance its Cambridge, Ontario office by adding satellite manufacturing and testing facilities.

Also, Spire and OroraTech have joined forces with the Alexis Nakota Sioux Nation's Wakâ Mne – Science and Culture Initiative to involve Indigenous businesses in the project, generating job opportunities and fostering economic advantages for Indigenous communities as part of the WildFireSat mission.

“Detecting wildfires is one of the most impactful satellite capabilities, offering significant benefits for public safety, environmental health and the economy,” said Spire Global CEO Theresa Condor.

Price Action: SPIR shares are trading higher by 10.5% at $20.39 at the last check Friday.

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