Redwire Corporation (NYSE:RDW) shares rose on Thursday after the company announced the opening of a 15,000-square-foot facility in Albuquerque, New Mexico, to accelerate the development of advanced space-based defense systems.

The new site, named the Firestone Rapid Capabilities Facility (FRCF), expands Redwire’s long-standing presence in the region, where the company has worked closely with the Air Force Research Laboratory (AFRL).

The facility will support a broad set of capabilities, including strategic systems assembly, spacecraft subsystems, missile defense applications, launch and ground support for proliferated space architectures, and advanced testing and analysis for national security programs.

Also Read: Redwire Corporation Plunges Over 24% Pre-Market Amid Disappointing Q2 Results

FRCF will also play a role in Redwire’s $45 million, five-year cost-plus-fixed-fee contract with AFRL’s Space Vehicles Directorate to design, develop, and test prototype hardware and software for mission-critical technologies.

Redwire CEO Peter Cannito said the new Albuquerque facility will accelerate space defense modernization and strengthen U.S. security, while New Mexico officials highlighted its role in boosting the state’s aerospace sector and creating high-wage jobs.

As a cornerstone of New Mexico’s expanding space and defense industrial base, the new facility will enhance Redwire’s ability to serve key government and commercial customers, including AFRL, the U.S. Space Force’s Space Rapid Capabilities Office, Sandia National Laboratories, and Los Alamos National Laboratory.

Price Action: RDW stock is trading higher by 5.83% to $8.710 at last check Thursday.

Read Next:

• Elon Musk Thought OpenAI Had A ‘0%’ Chance Of Success, Says Sam Altman, Calls xAI A ‘Competitive Clone’

Image via Shutterstock