California-based Aerospace company Rocket Lab USA, Inc. (RKLB) is up 10% in the after-hours market after the company got awarded a NASA contract on Wednesday.
NASA is planning to launch an Advanced Composite Solar Sail System (ACS3) in mid-2022. The ACS3 is like a space-sailboat that uses the photon in sunlight as the propulsion force. NASA has chosen Rocket Lab's Electron as the vehicle on which the ACS3 will be mounted. With the help of the ACS3, spacecraft will be able to accelerate in space where traditional propellants are non-existent.
Rocket Lab founder and CEO, Peter Beck said, "It seems fitting to launch NASA's Advanced Composite Solar Sail System on Electron, the world's first full-carbon composite orbital launch vehicle. We're excited to see composites used yet again to unlock new capabilities in space."
The stock of the company is trading at $15.50 in the after-hours market, up$1.50 or 10.71% from its previous close at $14.00 during the regular trading session. The market had opened at $14.40 after its $14.59 closure on the previous day.
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