EMCORE Corporation has just announced that it has a contract with NASA to produce solar panels for NASA’s Global Precipitation Measurement spacecraft. The spacecraft will study precipitation (rain, snow and ice) around the world, and is scheduled to launch in 2013. According to , the stock is going up in price as a result of the $5 million contract, which is to managed by MEI Technologies, Inc. Shares are already up by 30% this morning.

In a company press release, EMCORE CEO Christopher Larocca commented on the contract:

“We are very excited to earn this contract award from MEI Technologies and NASA Goddard Space Flight Center. This award reaffirms EMCORE’s position as the leading solar panel supplier for space missions. Our proven manufacturing capability, technology leadership, and reliability heritage make EMCORE the supplier of choice for demanding spacecraft power systems.”