Space is going electric, which has EV start-up shares
wake up Wednesday.
(symbol: GOEV) announced that it has delivered three all-electric crew transport vehicles to NASA. These vehicles will carry astronauts to rockets that will take them to the moon.
“We are delighted to be part of the
missions and deliver the first zero-emissions crew-carrying vehicles built for the NASA mission,” Canoo CEO Tony Aquila said in a press release. “It’s a very proud day for Canoo and all of our partners who have worked so hard to ensure we do our part to carry astronauts the first nine miles of every launch.”
Canoo stock rose 3.1%, while
both increased by around 0.6%. The stock market traded higher after new inflation data showed consumer prices in the United States rose about 3% year-on-year, slower than economists’ projections.
Still, Wednesday’s stock rally leaves Canoo shares down about 85% over the past 12 months.
It’s been tough for electric vehicle start-ups lately amid rising interest rates making it harder to raise needed capital and increased competition from traditional automakers.
Canoo ended the first quarter with approximately $7 million on its books. The company sold notes, shares and warrants to raise more cash.
Wall Street expects the company to use around $200 million in the last three quarters of 2023. Canoo will need more money in the future. The company did not immediately respond to a request for comment on plans to raise capital.
NASA’s Artemis missions are designed to return American astronauts to the moon and place the first woman and first person of color on the lunar surface.
It is an ambitious series of programs involving space assets, moon bases, new rockets and partially reusable spacecraft. The first launch of the massive new SLS rocket system took place in November 2022. The next mission is scheduled for November 2024 and will take astronauts around the moon in a spacecraft called Orion.
SpaceX’s huge Starship system is bigger than the SLS. SpaceX also pioneered reusable rockets and launches a rocket into space almost every week. SpaceX is also responsible for transporting astronauts from US soil to the International Space Station. These astronauts usually travel in a
(TSLA). Elon Musk, after all, controls both companies.
Write to Al Root at email@example.com