Shares of Japanese space startup Astroscale experienced a 19% increase on Monday following the announcement of a forthcoming 12 billion yen ($81 million) contract with Japan’s space agency to remove debris from Earth’s orbit. Astroscale’s Japan unit is set to sign a five-year contract with the Japan Aerospace Exploration Agency (JAXA).
The agreement involves the startup removing the upper stage of JAXA’s H-IIA rocket, which has been in orbit about 600 km (373 miles) above Earth’s surface since its launch in 2009.
Astroscale will develop a new spacecraft, ADRAS-J2, which will feature robotic arm technologies designed to capture the target debris by March 2029, according to a company statement.
The increasing amount of debris is becoming a significant risk for space missions, as the number of satellites in orbit continues to rise.
Earlier this month, a Chinese rocket stage that disintegrated in space added more than 700 pieces of debris, further contributing to the hazardous collision risks.
