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Planet Labs signs $230 million satellite deal with unidentified Asian-Pacific partner

Planet Labs Wednesday announced a new $230 million multi-year partnership extension with an unidentified Asian-Pacific commercial partner to build new Pelican high-resolution satellites. Rendering of Pelican satellite courtesy Planet Labs
Planet Labs Wednesday announced a new $230 million multi-year partnership extension with an unidentified Asian-Pacific commercial partner to build new Pelican high-resolution satellites. Rendering of Pelican satellite courtesy Planet Labs

Jan. 29 (UPI) -- Planet Labs Wednesday announced a new $230 million multi-year partnership extension with an unidentified Asian-Pacific commercial partner to build new Pelican high-resolution satellites.

"This agreement represents a significant milestone for Planet. It is our largest contract to date, and is a major step forward in what we see as a very large market opportunity for satellite services," Will Marshall, Planet Labs CEO, said in a statement.

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Planet said the customer will be publicly identified at a later date.

"We expect this expanded partnership will be meaningful cash flow accretive to Planet in FY '26, and will strengthen our balance sheet for FY '27 and beyond," Planet Chief Financial Officer Ashley Johnson said.

Under the agreement Planet will build the satellites over a two year period and will operationally support them for five years.

Marshall told CNBC the partner will obtain "dedicated access" to the satellites launched for them in Asia. Planet Labs will license data from the satellites for use in the rest of the world.

Planet plans to launch as many as 32 advanced, high-powered Pelican satellites after launching the first Pelican-2 satellite earlier this month.

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Planet Chief Space Officer James Mason said in a statement, "Our trusted partners have long expressed interest in our proprietary space systems technology and we're proud to be able to fulfill their needs with our satellites and services."

Planet operates more than 200 satellites.

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