JPL and BNS Inc. are jointly developing a compact, low mass, Electro-Optic Imaging Fourier Transform Spectrometer (E-O IFTS) for hyperspectral imaging applications [6]. The spectral region of this spectrometer is in the near IR spectral band of 1 - 2.5 μm (1000 - 4000 cm-1) to allow high-resolution, high-speed hyperspectral imaging applications. The specific applications for NASA’s missions will focus on the measurement of a large number of different atmospheric gases simultaneously in the same airmass. Due to the use of a combination of birefringent phase retarders (YVO4) and multiple achromatic phase switches to achieve phase delay, this spectrometer is capable of hyperspectral measurements similar to that of the conventional Fourier transform spectrometer but without any moving parts. In this paper, the principle of operations, system architecture and recent technical progress will be presented.