Planet Labs Joins California's Methane Monitoring Initiative As Key Subcontractor, Stock Down

(RTTNews) - Planet Labs PBC (PL), a provider in Earth data and analytics, Friday announced that it has been selected as the primary subcontractor for the California Air Resource Board's Satellite Data Purchase Program.

The multi-year, $95 million contract was awarded to Carbon Mapper, with Planet providing methane data using its Tanager hyperspectral satellite collections and other proprietary data products. The SDPP aims to track methane emissions in California and globally.

The program represents a collaboration between California, Carbon Mapper, Planet, and philanthropic partners, combining advanced technology, government research, and policy initiatives to create a cost-effective monitoring solution.

The data will support industries such as oil and gas and agriculture in improving efficiency and reducing waste, benefiting both the economy and the environment.

Planet launched Tanager-1 in August 2024 and plans to expand its hyperspectral constellation with three additional satellites.

PL is currently trading at $3.77, down $0.47 or 11.08 percent on the New York Stock Exchange.