[Satellite TODAY 03-12-10] GeoEye has selected Lockheed Martin Space Systems to build the GeoEye-2 spacecraft, the companies announced March 11.
   GeoEye-2 will be similar to the GeoEye-1 satellite, which was placed in orbit in 2008 and provides black-and-white imagery with a ground resolution of 0.41 meters and multi-spectral imagery at 1.65-meter resolution.
   "GeoEye-2 will be the same class of satellite as GeoEye-1 but will benefit from significant improvements in capabilities to better serve our customers’ demands for increased quantities of imagery at higher resolution,” Bill Schuster, GeoEye’s, said in a statement. “Some of these improvements include enhanced tasking capabilities and the ability to collect more imagery at a faster rate."
   Financial terms of the satellite contract are not being disclosed, but GeoEye announced March 10 that is signed a commitment letter to sell a 15 percent stake in the company to Cerberus Capital Management LP, generating $112.1 million on gross proceeds and meet a requirement from the U.S. National Geospatial-Intelligence Agency for bidders on the government’s EnhancedView program to provide a letter of credit.
   "The Cerberus commitment gives us a fully financed proposal, including the new letter of credit requirement, which the company believes enhances our ability to win an EnhancedView contract," Matt O’Connell, GeoEye’s CEO and president said. "After meeting with Cerberus and other potential financial partners, our Board of Directors concluded that the Cerberus team was the best fit for us and will be strongly committed to the long-term growth of GeoEye."