Planet Labs PBC (NYSE:PL) stock is trading higher on Monday after the company announced it signed a multi-year seven-figure deal with Laconic. Here's what you need to know.

What To Know: Under the deal, Laconic will receive both Planet's 3-meter Forest Carbon Monitoring product and its 30-meter Forest Carbon product for the next three years.

Planet Labs will gain more exposure in the growing carbon market by providing its high-resolution forest carbon data through Laconic's platform. This partnership will help governments and investors manage their carbon assets more effectively, driving transparency and informed decision-making in carbon credit trading.

The deal allows Laconic to integrate Planet's satellite-derived forest carbon insights into its Sovereign Carbon securitization platform, helping governments monetize their carbon assets. The partnership also positions Planet to support the increasing demand for AI-powered data that aids in the valuation and protection of natural carbon resources.

"It's time for the world to start valuing trees alive and standing, and putting carbon onto our balance sheets. The technology is here to capture it, and the data is here to validate it," said Planet CEO Will Marshall.

"We are very happy about this partnership with Laconic. By getting our Forest Carbon data into their expert hands, we're excited to see how governments and investors start to make informed carbon trading decisions – changing how we see and value our essential global forests."

PL Price Action: At the time of writing, Planet Labs stock is trading 14.8% higher at $4.51, per data from Benzinga Pro.

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