AST SpaceMobile announced a strategic partnership with a commitment of $100 million to provide direct-to-cellular satellite service for Verizon.
The partnership will combine Verizon’s terrestrial mobile network, the multi-operator 850 Mhz band and AST SpaceMobile's communications arrays in low Earth orbit.
The $100 million Verizon commitment includes $65 million of commercial prepayments, $45 million of which are subject to certain conditions, and $35 million of convertible notes.
“This new partnership with Verizon will enable AST SpaceMobile to target 100% coverage of the continental United States on premium 850 MHz spectrum with two major U.S. mobile operators in the most valuable wireless market in the world, a transformational commercial milestone,” said Abel Avellan, Founder, Chairman, and CEO of AST SpaceMobile. “This partnership will enhance cellular connectivity in the United States, essentially eliminating dead zones and empowering remote areas of the country with space-based connectivity.”
“Verizon has always been strategic and efficient with our spectrum strategy. We use the spectrum entrusted to us to deliver outstanding cellular service for our customers through our terrestrial network. By entering into this agreement with AST, we will now be able to use our spectrum in conjunction with AST’s satellite network to provide essential connectivity in remote corners of the U.S. where cellular signals are unreachable through traditional land-based infrastructure,” said Srini Kalapala, Senior Vice President of Technology and Product Development at Verizon.
AST SpaceMobile now has agreements with more than 45 mobile network operators globally who collectively serve over 2.8 billion existing subscribers.
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