Planet Labs PL shares are trading higher premarket on Wednesday. On Tuesday, the company’s subsidiary Planet Labs Germany GmbH inked a multi-year agreement with the European Space Agency (ESA).

As per the deal, Planet will become part of the Copernicus Contributing Missions, supplying commercial satellite data alongside ESA’s Sentinel satellites to support Copernicus services.

Planet’s near-daily PlanetScope imagery and high-resolution SkySat data will complement ESA’s existing satellite data, enhancing the capabilities available to geospatial analysts.

The partnership reflects ESA’s commitment to diversifying its data portfolio by integrating emerging commercial data from New Space companies.

Massimiliano Vitale, Planet Senior Vice President of Tasking Products, said, “Europe has demonstrated global leadership in Earth observation innovation, and we’re thrilled to see their continued investment in commercial space companies from the region.”

Before securing this contract, Planet had collaborated with ESA for a decade, contributing to both the Copernicus program and the ESA Third Party Mission initiative.

Last month, Planet Labs reported third-quarter adjusted losses of two cents per share and revenue of $61.26 million, up from $55.38 million from the same period last year.

Price Action: PL shares are up 6.78% at $5.83 premarket at the last check Wednesday.

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