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Investing.com -- Shares of Planet Labs initially surged on Wednesday following the announcement of a multi-year contract with the European Space Agency (ESA), marking the company’s formal inclusion in the Copernicus Contributing Missions.
The stock hit a high of $6.26 a share before declining. It is now down around 4% on the day.
Through the agreement, Planet will provide its commercial satellite data, including near-daily PlanetScope imagery and high-resolution SkySat imagery, to complement ESA’s existing Sentinel satellite data.
The deal is said to signifiy an important step in Planet’s collaboration with ESA, which has spanned over a decade.
The partnership will support ESA’s Copernicus services, offering geospatial analysts a broader range of data. The inclusion of Planet’s data highlights ESA’s expansion of its portfolio to incorporate emerging commercial data from private space companies.
We have a long history of working with ESA, and we’re honored to continue to support the Copernicus Program as a Contributing Mission with our PlanetScope and SkySat constellations,” said Massimiliano Vitale, Planet Senior Vice President of Tasking Products at Planet Labs.
“Europe has demonstrated global leadership in Earth observation innovation, and we’re thrilled to see their continued investment in commercial space companies from the region.”
Planet’s contributions to ESA’s Earthnet Programme have already supported scientific research and the development of commercial services, including land use monitoring and climate change studies.