Houston, we have lift off! The share price of tiny tech stock Vection Technologies Ltd (ASX: VR1) is rocketing after the company revealed it will develop the world's first virtual reality (VR) metaverse platform to promote space travel.
The platform, dubbed Lunar City, is set to launch ahead of NASA's Artemis Program. The US space agency is working to send astronauts to the Moon for the first time in more than 50 years. The mission is expected to set the stage for a long-term presence on the lunar surface and a future voyage to Mars.
Here's how the ASX tech share fits into the astronomical plan.
Right now, the Vection Technologies share price is soaring 10% to trade at 7.7 cents.
Image source: Getty Images
ASX tech share signs on to help the public 'reach space'
ASX tech company Vection Technologies has shaken on a memorandum of understanding that will see it providing VR and metaverse technologies to help train astronauts and space tourists.
Perhaps more excitingly though, it intends to allow the public to 'reach space' alongside NASA's actual space journey. We might soon be able to do so through the fully immersive technology.
The agreement's ultimate goal is to showcase the Artemis lunar program.
Until then, Vection Technologies, along with partners Thales Alenia Space, Next One Film Group, and ALTEC, will test technology and opportunities on space missions with commercial companies.
That will provide video imaging data from space modules and spacecraft, which will be used to create Lunar City.
Thales Alenia Space is a satellite and space modules manufacturer and owner of ALTEC – an aerospace logistics technology engineering outfit – alongside the Italian Space Agency.
Beyond NASA's mission, the entities also share a vision to foster business opportunities by leveraging their planned space content.
They aim to develop a business plan, seek content exclusivity arrangements, and establish sales channels for the Lunar City platform. They expect to receive revenue from those they help to 'experience' space travel.
While the financial impact of the deal is not yet clear, the ASX tech share expects it will be material. That's based on the calibre of the partners involved and the company's strategy in the defence and aerospace sector.
