Planet Completes Acquisition of Salo Sciences
January 09 2023 - 9:00AM
Business Wire
Integration to Bolster Forest Carbon Monitoring
Tool and Climate Solutions Data
Planet Labs PBC (NYSE: PL), a leading provider of daily data and
insights about Earth, today announced the completion of its
acquisition of Salo Sciences, a San Francisco-based climate
technology company that provides cutting-edge solutions to measure
Earth’s constantly changing ecosystems. In December, Planet
announced it had signed an agreement to acquire Salo Sciences.
With the purchase of Salo Sciences (Salo), Planet plans to
further develop its offerings to enable customers to quantify
carbon stocks globally, monitor forest change, and mitigate climate
risks. Salo’s current products leverage Planet’s differentiated
daily PlanetScope data as a foundational layer to build forest
carbon, and other forest-related, data layers. These products will
enable climate and sustainability solutions and eventually become
Planetary Variables, starting with Forest Carbon, expanding
Planet's data offerings with the capability to measure important
conditions on Earth’s surface.
Given previous technology limitations, estimating forest carbon
has typically relied on indirect and proxy measurements of forest
area change. Through this acquisition, Planet’s offerings will
expand to enable customers to measure the critical climate services
that forests provide, and work to change economic incentives around
land use to meet global climate and sustainability goals. This will
be a pivotal tool needed to scale and enable systematic
measurements of critical data.
“You can’t manage what you can’t measure. Salo’s analytics and
modeling technology, when combined with Planet’s daily scan, are
the foundations to enable reliable carbon estimates in forests and
to do so at scale,” said CEO and Co-Founder of Planet, Will
Marshall. “We’ve worked for years with the Salo team, and they are
going to be a powerful addition to our product suite helping us
leap towards understanding forest conservation and helping us
combat biodiversity loss at scale.”
Salo’s team of world-class scientists and professionals with
deep expertise in forest ecology, climate modeling, and wildfire
risk will join Planet’s operations in San Francisco. The Salo team
has leveraged Planet’s Earth observation datasets to deliver
automated information on global forest ecosystems, including the
development of the California Forest Observatory (CFO). The system
provides continuously updated views of wildfire hazard and forest
health for California and beyond (using artificial intelligence,
satellite imagery and airborne lidar data) to produce detailed data
on vegetation fuels—including tree heights, canopy cover, density
and understory ladder fuels. Salo and Planet also collaborate on
Upstream Tech’s Lens for Carbon to monitor reforestation and forest
carbon.
“Salo Sciences was founded to help implement and scale
nature-based solutions to climate change. There is no better way
for us to accelerate that mission than joining forces with Planet
to launch a next-generation system to monitor the carbon stocks and
health of every tree on Earth,” said Dr. David Marvin, CEO and
Co-founder of Salo Sciences. “Better protection, restoration, and
management of our global forest ecosystems will play a key role in
climate change mitigation and biodiversity conservation in the
decades to come.”
The transaction was closed on January 3, 2023. This is Planet’s
fifth acquisition (BlackBridge ‘15, Terra Bella ‘17, Boundless ‘19,
and VanderSat ‘21). For more information on Planetary Variables and
how Salo will look to add data feeds that accurately measure
important conditions on the surface of the Earth, visit here.
About Planet Labs PBC
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 800 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.
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 expectations with respect to
future performance and anticipated impacts of its acquisition of
Salo Sciences, the Company’s ability to capture market opportunity
and realize any of the potential benefits from any current or
future product enhancements, new products, or 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.
About Salo Sciences
Salo Sciences is a climate technology company that provides high
resolution monitoring services and analytics for natural climate
solutions and risk management. Salo uses three key tools—satellite
data, artificial intelligence & ecological modeling— to
accelerate nature-based solutions to climate change and
biodiversity loss. Salo built and manages the Forest Observatory, a
high-resolution satellite-based vegetation and wildfire hazard
mapping and monitoring system to improve forest resilience and land
management decision making.
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version on businesswire.com: https://www.businesswire.com/news/home/20230109005337/en/
Press Claire Bentley Dale Comms@planet.com
IR Chris Genualdi ir@planet.com
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