Planet partners with SynMax to provide energy intelligence and monitor darkships
SAN FRANCISCO, April 18, 2022–(BUSINESS WIRE)–Planet Labs PBC (NYSE:PL), a leading provider of everyday Earth data and information, has partnered with SynMax, an analytics and intelligence company by satellite based in Houston, to provide data-driven insights into the energy industry in the United States and monitor the movements of dark craft around the world.
Using daily PlanetScope imagery from Planet, SynMax monitors the location of hundreds of well pads for hydraulic fracturing and ongoing activity at the sites by the fracturing crews who maintain well operations and safety. These fracking crews are responsible for the final stages of oil and gas well development, and with data from Planet, site conditions can be monitored in near real time. By gaining insight into these trades, SynMax is able to inform energy-focused hedge funds seeking to accurately forecast near-term oil and gas supply.
After meeting Will Marshall, CEO and co-founder of Planet, at his 2014 TED Talk, Bill Perkins, founder of SynMax and owner of energy hedge fund Skylar Capital, came up with the idea to monitor planet activity daily. fracking team with the images of Planet. 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 customers with real-time situational awareness and information about daily changes on Earth.
“The problem of accurately forecasting near-term oil and gas supply has been a persistent problem for energy hedge funds, and I was immediately interested in how Planet’s satellite data could be used to reliably monitor fracking team activity,” Perkins said. “The offer is so critical to the price that once this [frac crew] data becomes available in the market, we believe that hedge funds will not be able to trade without it.”
Perkins commissioned then-quantitative analyst Eric Anderson, now SynMax CTO, to develop a model that incorporates Planet’s daily PlanetScope data into an analysis of fracking team activity. “We [Skylar Capital] have thoroughly explored other companies’ frac crew monitoring service offerings and have been consistently frustrated with the poor quality of their data that relies on inconsistent and infrequent free low-resolution satellite imagery,” Anderson recalled. Anderson and his team found that Planet’s data made it possible to track operational fracking crews in near real time.
Using its proprietary artificial intelligence combined with Planet’s satellite data, SynMax will provide maritime solutions for IUU fishing, illicit ship-to-ship transfers and ship impersonation. SynMax is currently developing a first-of-its-kind darkship tracking product titled Project Theia. This project targets the commercial market and could allow ship operators, marine insurance companies and hedge funds interested in clandestine flows of goods to discover, monitor and investigate obscure ships operating around the world.
“SynMax has discovered that it can discover mass maritime vessels anywhere in the world that do not transpond their locations using, in part, daily Planet imagery,” said SynMax CEO Brendan Moore, a former officer British intelligence.
Together, these two companies could provide unparalleled data-driven insights for hedge funds invested in the energy sector and companies that rely on transparent maritime commodity flows. Planet’s daily coverage of the globe could help the financial industry make better data-driven decisions, thanks in part to innovative companies like SynMax.
About the planet
Planet is a leading provider of daily satellite imagery and global geospatial solutions. Planet’s mission is to image the world on a daily basis and to make change visible, accessible and achievable. Founded in 2010 by three NASA scientists, Planet designs, builds and operates the largest fleet of Earth observation imaging satellites, capturing more than 30TB of data daily. Planet provides critical data, advanced information and software solutions to more than 700 customers, including the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and efficiently derive unique value from satellite imagery. Planet is a public benefit corporation listed on the New York Stock Exchange as PL. To learn more, visit www.planet.com and follow us on Twitter.
SynMax is a data intelligence company. SynMax creates products that turn satellite imagery into actionable intelligence for investors, market participants and governments.
Except for historical information contained in this press release, 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 including, but not limited to, the ability to seize market opportunities and realize the full potential benefits of strategic partnerships and customer collaborations. Forward-looking statements are based on the beliefs of the company’s management, as well as assumptions made by management and information currently available to it. Because these statements are based on expectations about future events and results and are not statements of fact, actual results may differ materially from those projected. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, risk factors and other information about the Company and its business included in the Company’s periodic reports, circulars proxy statement and other disclosure documents 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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Planet Labs PBC
Planet Investor Relations
Chris Genualdi, Cleo Palmer-Poroner
Planet Labs PBC