Optics technology developer Electro Optic Systems (EOS) (ASX:EOS) has welcomed a collaboration between the US and Australian governments to tackle the growing problem of tracking space debris.
Foreign minister, Kevin Rudd, and US secretary of state, Hillary Clinton, signed a partnership to enable co-operation on space surveillance during Monday's consultations.
EOS said the collaboration could benefit its project to develop the world's first fully automated space debris tracking system, scheduled for completion in 2012.
The company in July won a $4 million grant from the Australian government to upgrade its laser tracking site to full automation. Its facility is able to track debris as small as 1cm in size.
EOS CEO, Ben Greene, said space debris poses a serious threat to satellite infrastructure now vital to communication, navigation, defence, global monitoring and weather forecasting.
“These satellites represent a collective investment of more than $600 billion...and even debris of 1cm is capable of damaging or destroying [them],” he said.
“We look forward to supporting Australian government initiatives to address this problem in collaboration with the US.”
EOS shares dipped 1.5 per cent to $1.270 during Wednesday's trading.