Advanced Television

Yahsat invests in Astrocast

April 4, 2023

By Chris Forrester

Yahsat, which also controls Abu Dhabi-based Thuraya Telecommunications, is putting $17.5 million (€16m) into a satellite-based Internet of Things (IoT) operator Astrocast.

Astrocast is based in Switzerland and the investment is in the form of a convertible loan and will help with Astrocast’s target which is to raise almost $48 million this year. Astrocast has raised $25.9 million from existing investors.

The move is also key in that Thuraya is party to an agreement with Astrocast (signed in 2019) which permits Astrocast to use a portion of Thuraya’s L-band spectrum.

Astrocast already has 18 small low Earth orbiting (LEO) satellites working in space but its plan is to have at least 100 eventually working.

Meanwhile, Yahsat had said at the end of February that it was not yet ready to invest in a LEO constellation. Those comments have been modified by Yahsat CEO Ali Al Hashemi, in s statement on April 3rd, saying that this new investment would facilitate ways to expand its service offering across GEO and LEO assets and to unlock greater growth potential. “Through this agreement we are committed to enabling innovative solutions in the Maritime, Energy, Logistics, Transportation, Mining and Agriculture industries,” he added.

Astrocast CEO, Fabien Jordan, said the Thuraya loan and renewal of the four-year spectrum agreement with Thuraya were signs of Yahsat’s “support and expertise in guaranteeing Astrocast’s success in the low-power narrowband IoT market in the future.”

Categories: Articles, Business, Funding, Satellite

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