Advanced Television

AST SpaceMobile secures extra $100m

August 17, 2023

By Chris Forrester

AST SpaceMobile has secured a financing package sufficient to launch its first five direct-to-cellular satellites. The fresh money, worth $100 million (€91.9m), comes on top of other recent financial input into the business.

The cash comes from Atlas Credit Partners (ACP). The investment builds upon AST’s $800 million existing capital base. The ACP credit facility will provide AST with additional resources to continue building a globally connected satellite-based cellular broadband network directly accessible by standard mobile phones. Capital from the ACP facility will allow AST to reach its next commercial milestones, including satellite implementation and integration.

“This, alongside AST’s technology, premium manufacturing facilities, and partnerships with telecom industry leaders like AT&T and Vodafone, empowers the Midland, Texas firm to advance its global satellite telecommunications network goal. This partnership and investment exemplify ACP’s dedication to supporting technology innovators in their respective fields, in this case, the ever-evolving AI and tech industries,” said AST’s statement.

“ACP is a non-bank lender that specialises in providing financing secured by intellectual property, operating outside the traditional banking system. In the current economic landscape, non-bank lenders are becoming more vital in providing financing options for both individuals and businesses, offering a variety of services that fill the void left by conventional banking institutions,” added AST.

“We are thrilled to partner with Atlas Credit Partners as we continue to pursue our mission to eliminate the connectivity gaps faced by billions of people around the world,” commented Sean Wallace, CFO at AST SpaceMobile. “Atlas Credit Partners’ financial commitment to us is an important part of our comprehensive financing plan.”

Categories: Articles, Business, Funding

Tags: , ,