Geespace Gets $281M Boost for Global Satellite Internet Ambitions
Geely's space subsidiary, Geespace, has received a significant boost with a $281 million investment. This funding will hasten the deployment of the Geesatcom IoT constellation and pave the way for a new global headquarters.
Geespace, founded by Li Xin, currently operates 52 satellites in orbit. The first phase of 64 satellites is set to be completed this year. The company's ambitious goal is to launch a constellation of over 5,000 satellites, providing broadband connectivity and enhanced precision navigation signals.
The investment, supported by local governments including Zhejiang province, Hangzhou municipality, and Binjiang district, signals China's determination to compete globally in the satellite internet sector. Geespace's services are already deployed in regions such as the Middle East, Africa, and Southeast Asia, with partnerships established with over 20 national operators. The constellation aims to serve sectors like intelligent connected vehicles, marine fisheries, and energy management.
Just recently, a Jielong-3 rocket launched from the Eastern maritime spaceport, carrying Geesatcom satellites into orbit. This investment and international agreements indicate a strategic priority for the Chinese commercial constellation sector, now receiving strong state-owned investment support.
With a $281 million investment, Geespace is set to accelerate its Geesatcom IoT constellation deployment and establish a new global headquarters. This significant funding, backed by local governments, underscores China's commitment to competing globally in the satellite internet arena, with potential benefits for various sectors and regions worldwide.
