The investment – in the form of a convertible loan – is valued at $17.5 million and it marks Thuraya’s first investment in a LEO satellite constellation.
As part of the agreement, both parties say they will also look to extend a technical cooperation agreement, for another four years, that was originally entered between Astrocast and Thuraya in 2019.
The Lusanne-based Astrocast’s SatIoT network – a constellation which recently expanded to 18 satellites – has a focus on industries such as Transportation, Oil & Gas, Utilities, Mining, Forestry, Agriculture, and Maritime.
The agreement aims to strengthen Thuraya’s position in the IoT market and help speed its strategy for satellite enabled IoT.
“We are delighted to have secured 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,” said the founder and CEO of Astrocast, Fabien Jordan, right.
“We are delighted to have secured 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,” said the founder and CEO of Astrocast, Fabien Jordan, right.According to the companies, the overall IoT market is projected to grow at a CAGR of 22% over the next four years to $525 billion and the satellite IoT business to generate cumulative revenues of $6 billion.
“We are pleased to further strengthen our relationship with Astrocast as we mutually explore ways to expand our service offering across GEO and LEO assets to unlock greater growth potential,” said Said Ali Al Hashemi, Group Chief Executive Officer of Yahsat, right.
“We are pleased to further strengthen our relationship with Astrocast as we mutually explore ways to expand our service offering across GEO and LEO assets to unlock greater growth potential,” said Said Ali Al Hashemi, Group Chief Executive Officer of Yahsat, right.See also: Astrocast buys Hiber to consolidate satellite IoT services
