Planet Partners with SynMax to Provide Energy Intelligence and Monitor Dark Vessels
April 18 2022 - 9:00AM
Business Wire
Planet Labs PBC (NYSE: PL), a leading provider of daily data and
insights about Earth, has partnered with SynMax, a Houston-based
satellite analytics and intelligence company, to provide
data-informed insights on the energy industry within the United
States and monitor the movements of dark vessels around the
globe.
With Planet’s daily PlanetScope imagery, SynMax monitors the
location of hundreds of well pads for hydraulic fracturing and the
ongoing activity at the sites by frac crews that maintain the
operations and safety of the wells. These frac crews are
responsible for the final steps in the development of oil and gas
wells, and with Planet’s data, the status of the sites can be
monitored in near real-time. By gaining intelligence on these
operations, SynMax is able to inform energy-focused hedge funds,
looking to accurately forecast the near-term supply of oil and
gas.
After meeting Planet’s CEO and co-founder Will Marshall at his
2014 TED talk, Bill Perkins, founder of SynMax and owner of energy
hedge fund Skylar Capital, came up with the idea of monitoring frac
crew activity on a daily basis with Planet’s imagery. Planet’s
approximately 200 satellites provide a line scanner of the Earth,
imaging every terrestrial location every day. This unprecedented
amount of data provides Planet’s customers with situational
awareness and real-time insights about daily changes on the
Earth.
“The problem of accurate near-term oil and gas supply
forecasting has been a persistent issue for energy hedge funds, and
I was immediately interested in how Planet’s satellite data could
be used to reliably monitor frac crew activity,” states Perkins.
“Supply is so critical to price that once this [frac crew] data
becomes available to the market, we believe that hedge funds will
be unable to trade without it.”
Perkins tasked then Quantitative Analyst, Eric Anderson, now
SynMax CTO, with developing a model that incorporated Planet’s
daily PlanetScope data into an analysis of frac crew activity. “We
[Skylar Capital] have thoroughly explored the offerings of frac
crew monitoring services from other companies and have been
consistently frustrated at the poor quality of their data which
relies on inconsistent and infrequent low resolution free satellite
images,” recalled Anderson. Anderson and his team found that Planet
data allowed them to track operating frac crews in near
real-time.
Using their proprietary artificial intelligence combined with
Planet’s satellite data, SynMax will provide maritime solutions for
IUU fishing, illicit ship-to-ship transfers, and vessel spoofing.
SynMax is now developing a first-of-its-kind dark vessel tracking
product, entitled Project Theia. This project is targeting the
commercial market and may make it possible for vessel operators,
maritime insurance companies, and hedge funds interested in
clandestine commodity flows, to discover, monitor, and investigate
dark vessels operating all over the globe.
“SynMax has found that it can discover in-mass maritime vessels
all over the world that are not transponding their locations using,
in part, Planet’s daily imagery,” said SynMax CEO Brendan Moore, a
former UK intelligence officer.
Together, these two companies could deliver unmatched
data-informed intelligence for hedge funds invested in the energy
industry and companies relying on transparent maritime commodity
flows. Planet’s daily coverage of the globe could empower the
financial industry to make better data-informed decisions, in part
through innovative companies like SynMax.
About Planet
Planet is a leading provider of global, daily satellite imagery
and geospatial solutions. Planet is driven by a mission to image
the world every day, and make change visible, accessible and
actionable. Founded in 2010 by three NASA scientists, Planet
designs, builds, and operates the largest Earth observation fleet
of imaging satellites, capturing over 30 TB of data per day. Planet
provides mission-critical data, advanced insights, and software
solutions to over 700 customers, comprising the world’s leading
agriculture, forestry, intelligence, education and finance
companies and government agencies, enabling users to simply and
effectively derive unique value from satellite imagery. Planet is a
Public Benefit Corporation trading on the New York Stock Exchange
as PL. To learn more visit www.planet.com and follow us on
Twitter.
About SynMax
SynMax is a data intelligence company. SynMax creates products
that turn satellite images into actionable intelligence for
investors, market participants and governments.
Forward-looking
Statements
Except for the historical information contained herein, the
matters set forth in this press release are forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995, including,
but not limited to, the Company’s ability to capture market
opportunity and realize any of the potential benefits from
strategic partnerships and customer collaborations. Forward-looking
statements are based on the Company’s management’s beliefs, as well
as assumptions made by, and information currently available to
them. Because such statements are based on expectations as to
future events and results and are not statements of fact, actual
results may differ materially from those projected. Factors which
may cause actual results to differ materially from current
expectations include, but are not limited to, the risk factors and
other disclosures about the Company and its business included in
the Company's periodic reports, proxy statements, and other
disclosure materials filed from time to time with the Securities
and Exchange Commission (SEC) which are available online at
www.sec.gov, and on the Company's website at www.planet.com. All
forward-looking statements reflect the Company’s beliefs and
assumptions only as of the date such statements are made. The
Company undertakes no obligation to update forward-looking
statements to reflect future events or circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20220418005208/en/
Planet Press Claire Bentley Planet Labs PBC
comms@planet.com
Planet Investor Relations Chris Genualdi, Cleo
Palmer-Poroner Planet Labs PBC ir@planet.com
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