Abu Dhabi-based satellite communications firm, Yahsat, has announced that one of its subsidiaries has entered into an agreement to invest $17.5M in Astrocast, a network operator that focuses on low Earth orbit (LEO) and Internet of Things (IoT).
Thuraya Telecommunications, a company that provides mobile satellite services, will provide the investment in the form of a convertible loan, which marks its first investment in a LEO satellite constellation.
Both Yahsat and Thuraya will seek to extend a technical cooperation agreement that was first established between Astrocast and Thuraya in 2019 for another four years. Astrocast operates nanosatellite IoT networks globally and is dedicated to enabling low power wide area connectivity solutions.
