MDA APPLAUDS THE GOVERNMENT OF CANADA FOR COMMITMENT TO INVEST IN SPACE
BRAMPTON, ON, March 28, 2023 /CNW/ - MDA Ltd. (TSX: MDA), a leading provider of advanced technology and services to the rapidly expanding global space industry, issued the following statement regarding space commitments announced today in Canada's 2023 federal budget:
"MDA is extremely pleased to see Canada take a giant leap in the rapidly-growing space economy with a significant commitment to a new flagship robotics mission to the surface of the Moon. The $1.2 billion investment towards a Canadian lunar utility vehicle sends a loud and important signal to the global commercial and government space community that Canada is open for business and intends to aggressively compete to secure our share of this advanced tech innovation market and the high quality jobs it will create.
We also applaud Canada for extending its funding commitment to the International Space Station, a critical platform for space exploration, global collaboration, industrial development and innovation, in addition to providing additional technology development funding for the next phase of the Lunar Exploration Accelerator Program.
As the Earth to Moon economy emerges, further Canadian government investment in space will only serve to strengthen the opportunity for the domestic space industrial base in Canada and help to expand it globally."
— Mike Greenley, Chief Executive Officer, MDA
2022 was another strong year for space with research firm Euroconsult estimating the global space market grew by 8% to reach US$424 billion last year while the space economy, which also includes non-contracted government activity, reached US$464 billion.
The global space market is projected to grow to over US$737 billion within a decade, according to Euroconsult. The US Chamber of Commerce projects that the space economy will exceed US$1.5 trillion by 2040.
Governments around the globe continue to invest in space with 86 nations spending a total of $103 billion in 2022, up 9% year over year.
MDA is well positioned to serve most sectors of the space market across our three business areas – Geointelligence, Robotics and Space Operations and Satellite Systems.
In the past 24 months, MDA has hired approximately more than 1500 people in Canada to fuel the company's growth.
Serving the world from its Canadian home and global offices, MDA (TSX:MDA) is an international space mission partner and a robotics, satellite systems and geointelligence pioneer with a 50-year story of firsts on and above the Earth. With over 2,700 employees across Canada, the US and the UK, MDA is leading the charge towards viable Moon colonies, enhanced Earth observation, communication in a hyper-connected world, and more. With a track record of making space ambitions come true, MDA enables highly skilled people to continually push boundaries, tackle big challenges, and imagine solutions that inspire and endure to change the world for the better, on the ground and in the stars. For more information, please visit MDA's website at mda.space.
SOURCE MDA Ltd.
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