Spire Global Inc. (NYSE:SPIR) shares gained 2.9% in premarket trading Wednesday after the company announced it had secured a €3 million contract renewal with EUMETSAT, Europe’s meteorological satellite organization.
The two-year operational contract, set to begin on August 14, 2024, extends Spire’s role in providing radio occultation (RO) data to EUMETSAT. This data offers vital atmospheric insights, including pressure, humidity, and temperature profiles across the globe — even in remote and oceanic regions where traditional observations are limited.
Under the renewed agreement, Spire will deliver RO data in near-real time, which EUMETSAT will process and distribute to national weather services across Europe and the World Meteorological Organization (WMO) network for use in global forecasting models.
Spire Global, known for its space-based data, analytics, and satellite services, has been expanding its weather intelligence portfolio. The company recently launched two AI-enhanced forecasting systems — AI-WX and AI-S2S — capable of extending forecast horizons up to 45 days and providing probabilistic insights to help industries anticipate extreme weather events more effectively.
The EUMETSAT renewal underscores continued confidence in Spire’s technology and its ability to deliver high-quality meteorological data for European and global weather forecasting applications.