Planet Labs Invests $10M in Germany, Doubling Satellite Production
Planet Labs, a leading satellite manufacturer, is set to invest over $10 million in Germany. The decision comes amidst strong business growth in Europe, including a €240 million agreement with the German government. Both Federal Minister for Economic Affairs and Energy Katherina Reiche and Federal Minister of Research, Technology and Space Dorothee Bär welcomed the news.
The investment will see Planet Labs open a new satellite manufacturing facility in Berlin. This facility will produce next-generation, high-resolution Pelican satellites, doubling the company's production capacity. Planet Labs' Managing Director Martin Polak expressed the company's commitment to Germany's growth, while CEO Will Marshall showed excitement about the collaboration with the German government. The Federal Ministry for Digital and Transport (BMDV) has already concluded a multi-year Letter of Intent valued at €240 million in cooperation with Planet Labs, further solidifying Planet Labs' position as a trusted partner for enhanced monitoring and warning systems. The new facility is expected to create up to 70 new jobs.
Planet Labs' investment in Germany is a significant boost for the country's tech industry. With the new facility, the company will expand its production of high-resolution satellites, creating new jobs and strengthening its partnership with the German government.
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