Planet Labs indicators $230 million bargain to construct satellites for Asian client

By Joey Roulette

ORLANDO, Florida (Reuters) – Satellite images company Planet Labs stated on Wednesday it authorized a $230 million arrangement to construct satellites for an unrevealed client in the Asia-Pacific area, securing its greatest agreement yet as the business increases past information solutions.

The bargain, to be paid over 7 years and with the satellites positioned for distribution in 2026, emphasizes Planet’s venture right into the committed satellite solutions market after years of largely supplying clients images and various other information gathered by its very own fleet of approximately 200 satellites.

Planet did not call the client – just stating it is a “long-standing, Asia-Pacific commercial partner” – or state the amount of satellites belonged to the bargain.

The business’s relocate to construct client satellites, Planet CHIEF EXECUTIVE OFFICER Will Marshall informed Reuters, emphasizes expanding need from international federal governments to have even more control over and better accessibility to satellite information that has actually played significantly essential duties in safety and knowledge procedures.

“We’ve resisted that a little bit because we wanted to build up this data business,” Marshall stated of entering into business of offering satellites.

“We’ve seen these geopolitical changes, a lot of countries are pushing more for dedicated capabilities,” Marshall stated. “It’s a strong market demand that we’re seeing.”

The satellites under the bargain will certainly be Planet’s high-resolution Pelicans, which will certainly be run by Planet, with the client having concern on when and where to aim the satellites as they orbit over the client’s location of rate of interest in Asia.

Planet will certainly maintain the capability to offer information gathered by those satellites to its various other information clients, Marshall stated.

(Reporting by Joey Roulette; Editing by Muralikumar Anantharaman)