Planet Labs PBC, a leading provider of daily satellite imagery and geospatial solutions, saw its stock soar 18.68% in after-hours trading on Tuesday. The surge came after the company announced a multi-year contract with the European Space Agency (ESA), under which Planet will join the Copernicus Contributing Missions.
Through this deal, Planet's PlanetScope and SkySat satellite imagery will complement ESA's existing Sentinel satellite data, expanding the data offerings available to the Copernicus services. This move highlights ESA's efforts to incorporate diverse commercial data from New Space companies into its Earth observation programs.
The contract marks a significant milestone in Planet's long-standing collaboration with ESA, which has spanned over a decade. Previously, Planet's imagery has been leveraged by researchers and companies through ESA's Earthnet Programme, supporting various applications such as land use monitoring and climate change research.
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