High-resolution satellite data collection company Satellogic and Google-backed Earth data and analytics company Planet Labs have both announced deals to merge with SPACs to become publicly-traded companies. Satellogic seeks to remap the entire surface of the Earth daily in sub-meter resolution and at an affordable price, while Planet Labs delivers a daily scan of Earth's entire landmass from approximately 200 satellites – claimed to be the largest Earth imaging satellite fleet ever.
Satellogic announced it entered into a merger agreement with CF Acquisition Corp. V (Nasdaq: CFV), a SPAC sponsored by financial services firm Cantor Fitzgerald. The transaction is expected to be completed early in the fourth quarter of 2021, after which Satellogic will trade on the Nasdaq under the ticker symbol "SATL."
The company's unique, patented camera design reportedly captures 10 times more data from a single satellite than any other small Earth observation satellite. Satellogic currently has 17 commercial satellites in orbit, including four launched on June 30.
At 70 centimeters per pixel, says the company, the high-resolution images of Earth produced by its satellites add up to more capacity than the next four competitors combined: Each satellite collects approximately 300,000 sq km of data per day, significantly more than any competitor, and produces full-motion videos of up to two minutes in length.
"Since our founding, Satellogic has been committed to our mission of democratizing access to geospatial data to help solve the world's most pressing problems," says Emiliano Kargieman, CEO & Co-Founder of Satellogic. "The merger will allow us to continue building out our constellation of satellites and maintain our position as a global leader in sub-meter imagery. Satellogic is poised to be the only company capable of remapping the world daily at the sub-meter resolution necessary to address commercial applications affordably."
Howard W. Lutnick, Chairman & CEO of CFAC V and Cantor Fitzgerald adds, "Satellogic is uniquely positioned to dominate the Earth Observation industry. Its technology,