Satrec Initiative subsidiary SI Imaging Services (SIIS) said on the 19th that it signed a satellite leasing service contract with an overseas institution using the SpaceEye-T, a 25-centimeter-class VVHR (Very Very High Resolution) optical satellite. The contract is worth tens of millions of dollars.
This contract is an additional achievement concluded in less than a year since SI Imaging Services secured a major order in Sep. last year. The company said that through this contract it again confirmed the market potential of its VVHR satellite imagery supply capabilities and its satellite leasing service model.
Satellite-as-a-Service (Sat-aaS) is a model that allows customers to secure observation rights for specific areas without directly developing or owning satellites. Through this, customers receive 25-centimeter-class VVHR optical imagery of the area in near real time and can build their own Earth observation capabilities relatively quickly.
SpaceEye-T is Korea's first private optical satellite developed by Satrec Initiative with its own capital and technology. Launched in Mar. last year and currently operating stably, it provides 25-centimeter-class VVHR imagery, which is considered among the best for commercial Earth observation satellites. The imagery can be used in fields that require precise analysis and rapid information acquisition, including national security, mapmaking, core infrastructure monitoring, and disaster response.
Kim Moon-gyu, CEO of SI Imaging Services, said, "This contract is a case that shows the growth potential of the private-led satellite imagery service market," and added, "We will expand our business scope in the global Earth observation market and provide VVHR data tailored to customer demand."