Astrocast and Yahsat’s mobility arm Thuraya strengthen collaboration through a strategic investment in LEO IoT

3 April 2023

Astrocast and Thuraya strengthen collaboration through a strategic investment in LEO IoT

Thuraya agrees heads of terms to invest in Astrocast through a convertible loan valued at $17.5 million. It includes an extension of the Technical Agreement for another four years which was originally entered between Astrocast and Thuraya in 2019.

Lausanne, Switzerland, April 3,  2023 – Astrocast, a leading global nanosatellite IoT network operator announces today that the company has concluded Heads of Terms for an investment agreement with Thuraya Telecommunications Company, the mobile satellite services subsidiary of the UAE’s flagship satellite solutions provider, Al Yah Satellite Communications Company PJSC (“Yahsat” or “the Group”), the UAE’s flagship satellite solutions provider listed on the Abu Dhabi Securities Exchange (“ADX”; under the symbol: YAHSAT, ISIN: AEA007501017). 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 a leading global nanosatellite IoT network 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. 

The overall IoT market is projected to grow at a CAGR of 22% over the next four years to US$ 525 billion and the satellite IoT business is forecasted to generate cumulative revenues of US$ 6 billion over the same period. The strategic transaction with Astrocast represents a compelling opportunity for Thuraya to increase its exposure to a fast-growing sector that is still significantly under-penetrated and has a long runway for growth.

“We look forward to working together with Astrocast to execute this strategic investment which highlights our continued belief in the outsized impact of the IoT sector for the space and satellite industries. We are pleased to further strengthen our relationship with Astrocast as we mutually explore ways to expand our service offering across GEO and LEO assets 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”. 

Said Ali Al Hashemi, Group Chief Executive Officer of Yahsat.

“We are delighted to have secured this agreement with Thuraya, as we anticipate their support and expertise in guaranteeing Astrocast’s success in the low-power narrowband IoT market in the future. Our partnership with Thuraya has been solid for the past four years, and their continuous support is incredibly important to us. In addition, collaborating on creating new products and applications and leveraging the Thuraya distribution network will expedite the expansion of our customer ecosystem”.

Added, Fabien Jordan, Founder & Chief Executive Officer at Astrocast.


Astrocast notice:

In order to carry out the investment, Astrocast will issue a convertible loan to Yahsat for in-kind investment of 17.50 MUSD (approx. 180.8 MNOK). The loan carries an interest of 8% and has a term of 45 months from issue. Principal plus any interest can be converted into shares in the Company, at a premium to market price at issue date. The convertible loan is subject to customary terms and conditions, including inter alia with respect to adjustments for subsequent issues, share capital restructurings, qualified equity issues or financing and other.

Issuance of the Convertible Loans implies a deviation from the existing shareholders’ pre-emptive rights to subscribe for financial instruments. The board of directors has carefully considered such deviation and has resolved that the issuance is in the best interests of the Company and its shareholders. In reaching this conclusion, the board has among other things considered the terms of the Convertible Loans, the availability of capital markets financing in a timely manner and the necessity for the Company to ensure financing in line with its strategy.

Following this issue, the Company has issued convertible loans for a total of approx. 23.7 MCHF (approx. 262 MNOK) (the “Convertible Loans”). As of this date, no amount of the Convertible Loans has been converted into shares in the Company and the Convertible Loans remains outstanding in full.

About Astrocast

Astrocast SA operates a leading global nanosatellite IoT network, offering services in industries such as Agriculture & Livestock, Maritime, Environment & Utilities to name a few. The Astrocast network enables companies to monitor, track, and communicate with remote assets from anywhere in the world. It relies on superior L-band spectrum through a strategic alliance with Thuraya. In partnership with Airbus, CEA/LETI and ESA, Astrocast developed Astronode S, an ultra-low power and miniaturised module compatible with inexpensive L-band patch antennas. Founded in 2014 by a renowned team of experts, Astrocast develops and tests all its products in-house, from the satellites to the modules. Astrocast is listed on Euronext Growth Oslounder the symbol ASTRO. 

For more information visit

Media Contact Astrocast

Fatima Vigil

Investors Contact Astrocast
About Thuraya Telecommunications Company

Established in 1997, Thuraya offers innovative communications solutions to a variety of sectors including maritime, energy, government, broadcast media, military, aerospace and humanitarian NGO. Thuraya’s superior network enables clear communications and uninterrupted coverage across two-thirds of the globe by MSS, global VSAT coverage and around the world through its unique GSM roaming capabilities. The company’s diverse range of technologically advanced and dependable mobile satellite handsets and broadband devices provide ease of use, value, quality and efficiency. Through relevant partnerships, Thuraya stays ahead by delivering solutions and supporting applications that meet the rapidly transforming nature of market demands. Thuraya remains committed to keeping everyone within reach in any circumstance by making accessible the essential tools required for vital connectivity.

For more information, visit; Follow us on Twitter: @ThurayaTelecom

About Yahsat

Al Yah Satellite Communications Company PJSC (Yahsat) is a public company listed on the Abu Dhabi Securities Exchange (ADX) and a subsidiary of Mubadala Investment Company PJSC, offering multi-mission satellite services in more than 150 countries across Europe, the Middle East, Africa, South America, Asia and Australasia. 

Yahsat’s fleet of 5 satellites reaches more than 80% of the world’s population, enabling critical communications including broadband, broadcasting, backhauling and mobility solutions. Based out of Abu Dhabi in the UAE, Yahsat provides C, Ku, Ka and L-band satellite communications solutions for land, maritime and aero platforms to consumers, governments and enterprises. Its businesses consist of Yahsat Government Solutions, Thuraya, YahClick (powered by Hughes) and YahLink. Yahsat also participates in Hughes do Brasil, an equity partnership with Hughes, and Yahlive, an equity partnership with SES. In 2020, Yahsat commenced construction of Thuraya 4-NGS, the next generation telecommunications system for Thuraya, which is due to be in service during 2025. 

For more information, visit:; Follow us on Twitter: @YahsatOfficial
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Legal Notice

Neither this announcement nor anything contained herein constitutes a financial promotion, or an invitation or inducement to acquire or sell securities in any jurisdiction.  

Important notice:

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Kjell Karlsen, Chief Financial Officer, Astrocast SA, on the time and date set out above in the announcement.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. 

The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

Forward-looking statements

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company.

This announcement contains statements regarding the prospects and growth strategies of the Company. These statements are sometimes identified by the use of the future or conditional tense, or by the use of forward-looking terms such as “considers”, “envisages”, “believes”, “aims”, “expects”, “intends”, “should”, “anticipates”, “estimates”, “thinks”, “wishes” and “might”, or, if applicable, the negative form of such terms and similar expressions or similar terminology. Such information is not historical in nature and should not be interpreted as a guarantee of future performance. Such information is based on data, assumptions, and estimates that the Company considers reasonable. Such information is subject to change or modification based on uncertainties in the economic, financial, competitive or regulatory environments. The Company’s forward-looking statements speak only as of the date of this announcement. Absent any applicable legal or regulatory requirements, the Company expressly disclaims any obligation to release any updates to any forward-looking statements contained in this announcement to reflect any change in its expectations or any change in events, conditions, or circumstances, on which any forward-looking statement contained in this announcement is based.

The Company operates in a competitive and rapidly evolving environment; it is therefore unable to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the occurrence of a risk or combination of risks could have significantly different results from those set out in any forward-looking statements, it being noted that such forward-looking statements do not constitute a guarantee of actual results.