July 25, 2024


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Canada announces $ 1.2 billion investment in nano satellite network

Canada announces $ 1.2 billion investment in nano satellite network

The Canadian government has announced an investment of C $ 1.4 billion ($ 1.2 billion) Telesat Lightspeed, With the aim of encouraging the creation of a network Low orbit nano satellites (LEO). Designed to provide infrastructure connectivity LTE, 5G and broadband Affordable across the country. Under the agreement, the Canadian government will make a capital investment of C $ 690 million and lend C $ 790 million to the company. The company currently has investment obligations in the order of four million Canadian dollars.

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Telesat will guarantee specific minimum capital and operating costs in Canada in connection with this project and job creation in the country. In total, with its Canadian supply chain, it is expected to support 1,500 jobs. TeleSat said the initiative was the largest space project ever built in Canada and that “it will be the most innovative sophisticated broadband satellite network in the world.” Its network consists of 298 sophisticated satellites with next generation technologies and is designed to provide connectivity incentives to the country at affordable prices.

Minister for Innovation, Science and Industry Franோois-Philippe Champagne said it was “time to strengthen Canada’s position as world leader in the new space economy.” The Canadian government’s investment reflects other key moves in the satellite connection space. Among them, the UK government put together a $ 1 billion recovery package for satellite provider OneWep through a consortium. Entrepreneur Elon Musk is creating a microsatellite network through Starling to reduce the world’s connection gap.