Abu Dhabi, April 4, 2023: Thuraya Telecommunications Company, the mobile satellite services subsidiary of the UAE’s flagship satellite solutions provider, Al Yah Satellite Communications Company PJSC, the UAE’s flagship satellite solutions provider listed on the Abu Dhabi Securities Exchange, today announced that it had concluded Heads of Terms for an investment agreement with Astrocast, a leading Low Earth Orbit (“LEO”) and Internet of Things (“IoT”) network operator.
The transaction will be in the form of a convertible loan valued at US$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 was originally entered between Astrocast and Thuraya in 2019.
Astrocast operates one of the world’s most advanced global nanosatellite IoT networks 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.