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Investing.com -- Spire Global Inc (NYSE:SPIR) stock rose 2.9% in premarket trading Wednesday after the company announced a €3 million contract renewal with EUMETSAT, Europe’s meteorological satellite agency.
The two-year operational contract, which begins August 14, 2024, will allow Spire to continue providing radio occultation (RO) data to EUMETSAT. This data delivers crucial information about vertical profiles of pressure, humidity, and temperature across the globe, including remote regions and open oceans.
Under the agreement, Spire will provide the data in near-real time. EUMETSAT will process and disseminate it to national weather agencies across Europe and the broader World Meteorological Organization community for integration into global forecast models.
Spire Global, a provider of space-based data, analytics and space services, has been expanding its weather data offerings. The company recently introduced two AI-driven weather models, AI-WX and AI-S2S, which extend forecasting capabilities up to 45 days and provide probabilistic insights to help industries better anticipate extreme weather events.
The contract renewal represents continued confidence in Spire’s capabilities to deliver critical meteorological data for weather forecasting applications across Europe.
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