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Investing.com -- Planet Labs PBC (NYSE:PL) stock rose 2% Thursday after the company announced its subsidiary Planet Labs Federal secured a contract from the National Geospatial-Intelligence Agency (NGA) under the Luno B indefinite delivery, indefinite quantity (IDIQ) contract.
The initial award is valued at $12.8 million for Advanced Analytics for Maritime Operations and Reconnaissance (AAMOR). Planet will provide the NGA with AI-enabled Maritime Domain Awareness solutions that include vessel detections and monitoring over key areas of interest in the Asia-Pacific region.
The contract integrates Planet’s daily, global PlanetScope data with partner SynMax’s Theia product analytics to provide AI-enabled detections of maritime events. These insights aim to reveal illegal, unreported, and unregulated fishing, illicit ship-to-ship transfers, and vessel spoofing.
"Planet is proud to deepen our partnership with the National Geospatial Agency as the prime provider for AAMOR under Luno B," said Jon Powers, Planet VP of Global Defense and Intelligence. "In leveraging our PlanetScope constellation, which provides unparalleled broad area coverage of high interest ocean areas with near-daily revisit rates, users will continue to have the critical, relevant data they need to act quickly and decisively to help maintain maritime security around the world."
The Luno B framework was developed to provide the national security community with timely access to commercial Geospatial Intelligence. Under the IDIQ contract, the NGA can exercise pre-priced options to expand the AAMOR award or extend its duration.
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