Benzinga | Jan 26, 2022 06:49AM EST

Elbit Systems Secures $16M Contract To Supply Space Telescope

* Elbit Systems Ltd (NASDAQ:ESLT) has secured a contract worth ~$16 million to supply a space telescope to the Weizmann Institute of Science under Israel's Ultraviolet Transient Astronomy Satellite (ULTRASAT) program to observe and research deep space.

* The contract will be performed over a period of two years.

* The ULTRASAT program is jointly managed and funded by the Weizmann Institute of Science and the Israeli Space Agency.

* Elbit Systems will develop, manufacture, and integrate a highly sensitive, wide field of view ultraviolet space telescope to help scientists understand the creation of heavy elements, black holes, and gravitational waves and discover astronomical phenomena.

* Price Action: ESLT shares closed lower by 1.68% at $163.71 on Tuesday.