BlackSky Technology Inc. (NYSE: BKSY) has been named the exclusive provider of very high-resolution electro-optical satellites for a new international space initiative backed by a $1 billion investment, according to a press release from the company.

The announcement was made at the International Space Summit in Paris. The initiative is led by a consortium that includes Marlan Space, Loft Orbital, Mistral AI, and other space organizations based in the UAE and France.

The planned constellation will consist of fifty satellites carrying radar, optical, and other sensors, designed to serve users across France, Europe, and the UAE. BlackSky's Gen-3 satellites will supply very high-resolution imaging as part of the constellation's AI-enabled intelligence platform.

BlackSky Chief Executive Officer Brian O'Toole said in a statement: "This consortium of international industry leaders brings together best-in-class AI and space technologies to accelerate the development of new applications for AI in space. The program reinforces our commitment to forging long-term global partnerships that advance sovereign space capabilities, a key part of our Mission Solutions business strategy."

The company said further details on the initiative are expected later this year. BlackSky is headquartered in Herndon, Virginia.