Planet Labs Secures $230 Mln Deal To Deliver Pelican High Resolution Satellites

(RTTNews) - Planet Labs PBC (PL), Wednesday announced that the company has signed a $230 million deal to build and deliver a constellation of its next-generation high-resolution satellites called Pelican for an unnamed Asia-Pacific commercial partner.

The multi-year deal is expected to showcase the San Fransico-based company's proprietary space systems technology and aerospace capabilities.

Planet intends to use the commercial payment as revenue over the build and operational service period of the satellites, which is estimated to be approximately seven years.

Currently, Planet's stock is trading at $5.45, down 0.27 percent on the New York Stock Exchange.