What's Happening?
Geespace, a subsidiary of Geely, has secured $281 million to accelerate the deployment of its Geesatcom Internet of Things constellation and build a new global headquarters. The investment will support the construction of Geespace's global headquarters and the expansion of its satellite network, which currently includes 52 satellites. The constellation aims to provide services for various sectors, including transportation, logistics, and agriculture.
Why It's Important?
The investment in Geespace's IoT constellation reflects China's strategic focus on expanding its presence in the global satellite communications market. The funding will enhance Geespace's ability to offer IoT services across multiple industries, potentially transforming sectors like transportation and agriculture with improved connectivity and data collection. This development also signals China's intent to compete with established players like SpaceX's Starlink in the satellite broadband arena.
