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(Sharecast News) - Chip maker Ensilica said on Wednesday that it had been awarded a ¬2.13m development contract under the European Space Agency's Navigation Innovation and Support Programme Element 2.
Ensilica stated that under the terms of the project, it will receive funding covering 80% of the project, which will see it focus on developing a key silicon component to enable next-generation resilient multi-band Global Navigation Satellite System capabilities.
The AIM-listed group noted that the NAVISP Element 2 programme will help to increase the competitiveness of participating European states in the global market for satellite navigation and enable those countries to be "well positioned to capitalise on emerging market opportunities" across positioning, navigation and timing technologies and services.
Chief executive Ian Lankshear said: "This funding will enable us to further enhance global navigation satellite systems technology and continue to develop commercial solutions that are critical for resilient and reliable satellite navigation.
"We are grateful for the ongoing support from ESA and the UKSA, and we continue to focus on PNT and the broader satellite communications market as a key growth driver of our business."
As of 1355 GMT, Ensilica shares were up 3.21% at 41.80p.
Reporting by Iain Gilbert at Sharecast.com
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