Planet Labs PBC (NYSE: PL) saw its stock soar 9.89% in pre-market trading on Wednesday, following a deal announced with the European Space Agency (ESA) that will see Planet contribute commercial satellite data to the Copernicus Contributing Missions.
The multi-year contract will involve Planet providing its near-daily PlanetScope satellite imagery and high-resolution SkySat imagery to complement ESA's existing Sentinel satellite data offerings. This move expands ESA's data portfolio to include diverse commercial data from New Space companies like Planet.
Planet has a long-standing collaboration with ESA spanning over a decade, previously contributing imagery through ESA's Earthnet Programme for applications like land use monitoring and climate change research. The new deal cements Planet as a crucial data provider for ESA's initiatives, validating its technological capabilities and boosting its growth potential in the geospatial solutions market.
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