Finally! GeoEye Announces The Start Of Commercial Operations For Its GeoEye-1 Satellite

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Finally! GeoEye Announces The Start Of Commercial Operations For Its GeoEye-1 Satellite

By Chris Fernandez on February 6, 2009 | More Posts By Chris Fernandez | Author's Website

GeoEye (GEOY) is starting to fulfill some of the promise that has been baked into my investment thesis cake.

Today the company announced that they have finally begun selling imagery from their latest and greatest satellite, GeoEye-1, and more importantly for the company and us as investors, have submitted the imagery to the National Geospatial-Intelligence Agency (NGA) for approval from their largest customer.

This is huge news, and came much sooner than I anticipated.

New to the GeoEye story?

GeoEye Logo GeoEye provides space-based, and aerial imagery and geospatial information through high-resolution and low-resolution imagery, imagery-derived products, and image processing services to customers worldwide.

This capability benefits a broad array of industries including national defense and intelligence, online mapping, state and local governments, environmental monitoring and land use management, oil and gas, utilities, disaster management, insurance and others.

GeoEye-1 Officially Online!

GeoEye just issued a press release detailing the announcement and stated:

We are now selling imagery from GeoEye-1 to commercial customers around the world and to our government customers in Europe, Asia and the Middle East,” said Matthew O’Connell, GeoEye’s chief executive officer. “We are submitting imagery to the National Geospatial-Intelligence Agency for certification and look forward to beginning to serve NGA under our new Service Level Agreement with them.

I’ll have more thoughts about this in the coming days, but I wanted to pass along the great news.

It looks like GeoEye’s stock is following suit as well, and spiking up sharply in today’s trading.

Shorts beware!

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