Two NewSpace companies are set to leverage their synthetic aperture radar (SAR) and data analytics capabilities to help decision makers across the oil industry.
At the GEOINT Symposium ICEYE, an Earth observation company providing synthetic-aperture radar (SAR) data, and Ursa Space Systems (Ursa), a Space data analytics company announced an agreement where ICEYE will provide satellite data to Ursa. The data from ICEYE’s SAR satellites, used to monitor oil wells and measure global oil storage, will enable Ursa to derive actionable oil demand insights for their customers.
“Ursa’s mission to help their customers make more informed decisions is a vision that ICEYE has been aligned with since our founding,” said Rafal Modrzewski, CEO and co-founder of ICEYE. “This partnership is a marvellous example of how ICEYE is able to generate valuable change detection data for specific industries, such as the energy sector.”
Based in Ithaca, New York, Ursa brings transparency to global markets, helping traders and analysts in the financial industry, as well as the energy industry, make more informed decisions. Ursa uses space-based data from satellites as the source of their timely reports on these industries.
“Actionable insights around the oil industry are very valuable for traders and analysts,” said Adam Maher, CEO at Ursa. “ICEYE’s SAR imagery is exactly the kind of data we need to deliver reliable global economic intelligence for those decision makers.”
ICEYE remains on track to launch its next two SAR satellites, ICEYE-X2 and ICEYE-X3, later this year. ICEYE’s goal is to launch a comprehensive SAR satellite constellation, which empowers data users with reliable visibility to any point on Earth every few hours.