(Yicai Global) July 14 -- Shares of Piesat Information Technology soared after the Chinese satellite internet services provider placed the winning bid of USD22.4 million for a satellite services project of the Bolivian government.

Piesat's stock [SHA: 688066] closed up 7.6 percent at CNY67.53 (USD9.47) in Shanghai today.

Piesat will develop and customize an electromagnetic spectrum monitoring system for Bolivia's Regulatory Authority for Telecommunications and Transportation and provide the authority with land resource monitoring services through Nuva Constellation, its satellite internet system under development, for one year, the Beijing-based firm said today.

The project aims to realize high-precision recognition, analysis, and processing of typical areas and key facilities in Bolivia while testing the South American country's electromagnetic hypersensitivity and helping the government standardize the use and regulation of radio spectrum, Piesat noted.

It is the first time Piesat has won the bidding for a project to develop a big international monitoring system for the electromagnetic spectrum, the firm said, adding that it is also the first international remote sensing application order Nuva Constellation system has won.

The project's implementation will help enhance Piesat's position as a leader in the global electromagnetic spectrum monitoring field and further expand its influence overseas, the company pointed out.

Nuva Constellation will likely combine 44 radar satellites and 10 optical satellites in the first phase to provide its clients with communications, navigation, and remote sensing, including geological disaster, marine, flood disaster, and surface subsidence monitoring.

Nuva Constellation's first four radar satellites were put into orbit at the end of March. The launches and linkage of 28 radar satellites and all 10 optical satellites will be completed by the end of 2025.

Editor: Futura Costaglione