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Investing.com -- Shares of Planet Labs PBC (NYSE: PL) climbed 6.8% following the announcement of a multi-year contract with the European Space Agency (ESA), marking the company’s inclusion in the Copernicus Contributing Missions. The agreement, which expands ESA’s data portfolio with commercial satellite data from Planet, underscores the growing role of New Space companies in the global Earth observation market.
The contract allows Planet’s PlanetScope and SkySat imagery to complement ESA’s Sentinel satellite data within the Copernicus services. This development is seen as a strategic enhancement of the geospatial data available to analysts, who require diverse and frequent updates for a wide array of applications, from climate change research to land use monitoring.
Massimiliano Vitale, Planet Senior Vice President of Tasking Products, expressed pride in the company’s ongoing relationship with ESA, which spans a decade. Vitale highlighted Europe’s commitment to Earth observation and the importance of integrating commercial space data into the region’s innovative efforts.
The collaboration between Planet and ESA is not new. Before this contract, Planet contributed to the Copernicus and the ESA Third Party Mission programme through the ESA Earthnet Programme. This partnership facilitated access to Planet’s satellite imagery for scientific research and the development of commercial services within ESA and the European Commission Member States.
San Francisco-based Planet Labs PBC, with its European headquarters in Berlin, operates the largest fleet of Earth observation satellites and aims to image the world daily to drive actionable insights. The company’s data and solutions serve over a thousand customers across various sectors, including agriculture, forestry, intelligence, and government agencies.
The stock’s positive movement reflects the market’s reception of the deal with ESA, which is anticipated to bolster Planet’s position in the Earth observation industry and potentially lead to increased usage of its satellite data and geospatial solutions.
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