Planet to Provide Carbon Mapper, Inc. with Hyperspectral Data Until 2030 In $20M Agreement
Portfolio Pulse from Benzinga Newsdesk
Planet Labs PBC (NYSE:PL) has signed a $20M data-license agreement with Carbon Mapper, Inc. to provide hyperspectral imagery until 2030. This partnership aims to enhance global methane and CO2 monitoring. The deal, supported by climate philanthropy, extends an existing agreement and supports the Tanager hyperspectral constellation's development. The first Tanager satellite launch is planned for 2024, with applications spanning commercial, civil, and defense sectors.
March 28, 2024 | 8:42 pm
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Planet Labs enters a $20M agreement with Carbon Mapper to provide hyperspectral imagery, enhancing global environmental monitoring.
The agreement with Carbon Mapper not only secures a significant revenue stream for Planet Labs but also reinforces its position in the environmental monitoring sector. The focus on methane and CO2 detection aligns with global climate goals, potentially increasing investor interest in PL due to its contribution to sustainability and climate change mitigation. The long-term nature of the contract until 2030 provides financial stability and showcases the company's commitment to environmental issues, which could positively influence its stock price in the short term.
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