Yahsat Takes Significant LEO Step Investing in Astrocast
Thuraya has taken the significant step of investing in a Low-Earth Orbit (LEO) constellation for the first time. The company, which is owned by Yahsat, concluded a new investment agreement with Astrocast, a LEO and IoT network operator. The two companies announced the deal April 3. The transaction will be in the form of a convertible loan valued at $17.5 million and marks Thuraya’s first investment in a LEO satellite constellation. As part of the agreement, both parties will also look to extend a technical cooperation agreement for another four years that began between Astrocast and Thuraya in 2019.
Astrocast operates a nanosatellite IoT network with a focus on enabling low power wide area connectivity solutions across core industries including transportation & logistics, oil & gas, utilities, mining, forestry, agriculture, and maritime. The agreement with Astrocast aims to strengthen Thuraya’s positioning in the IoT market and help expedite the execution of its strategy for satellite enabled IoT.
“We are delighted to have this agreement with Thuraya, as we anticipate their support and expertise in guaranteeing Astrocast’s success in the low-power narrowband IoT market in the future. Our partnership with Thuraya has been solid for the past four years, and their continuous support is incredibly important to us. In addition, collaborating on creating new products and applications and leveraging the Thuraya distribution network will expedite the expansion of our customer ecosystem,” Fabien Jordan, CEO and founder of Astrocast, said in a statement.