: Astrocast Receives a $17.5 Million Loan From Yahsat's Thuraya

This week saw an investment in Astrocast by Thuraya, a division of Yahsat, a satellite company based in the United Arab Emirates. A $17.5 million convertible loan from Thuraya, a provider of satellite phones, antennae, and terminals, will go to Astrocast. IoT connection services are offered directly to satellites by Astrocast in Switzerland. The companies will also attempt to extend a 2019 technical collaboration agreement for an additional four years as part of the accord. 

According to Yahsat Group CEO Ali Al Hashemi, the company is eager to collaborate with Astrocast to carry out this strategic investment, demonstrating their steadfast trust in the sector's enormous potential influence on the satellite and space sectors. The founder and CEO of Astrocast, Fabien Jordan, noted that they are happy to have this arrangement with Thuraya and look forward to using their assistance and knowledge to ensure Astrocast's future success in the low-power narrowband IoT market. Fabien continued by saying that their four-year cooperation with Thuraya has been strong, and their continued support is crucial to them.