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Investing.com -- Telesat Corp (NASDAQ:TSAT) stock fell 9.1% on Tuesday after the satellite operator announced a $5 million equity investment in Farcast, a San Francisco-based startup developing satellite user terminals.
The investment comes as part of an expanded relationship between the two companies, with Farcast set to deliver an enterprise-class Flat Panel Antenna User Terminal fully integrated with Telesat’s Lightspeed modem. As part of the agreement, Telesat will also take a seat on Farcast’s board of directors.
Farcast has developed a proprietary Active Electronically Scanned Antenna technology that can simultaneously transmit and receive data from the same aperture in a flat panel antenna. This technology is designed to reduce size, weight, power, and cost for Telesat Lightspeed customers.
The two companies have been working together since 2022 on a pre-production development program. Various iterations of the hardware have been built and successfully tested as prerequisites for this new agreement. The fully integrated terminals are planned to be available by 2027.
"Throughout prototype development, we’ve seen firsthand Farcast’s innovative approach to extending satellite communications capability and reach through small form factor FPAs that deliver outstanding performance," said Michel Forest, Chief Technology Officer for Telesat.
Telesat, which is listed on both Nasdaq and the Toronto Stock Exchange, is among the world’s largest satellite operators. The company’s Lightspeed program aims to provide enterprise-class performance for telecom and enterprise customers worldwide.
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