Space Network signs $50 million satellite network pre-purchase agreement with Philippine company

PANews reported on September 29 that Space Network, a satellite network company associated with Spacecoin, announced that it has signed a binding Freeport satellite network service pre-purchase agreement worth US$50 million with Philippines HQ Company International Holdings, planning to provide satellite communication connections in the Philippines. Space Network will provide network access, hardware, software and engineering support, while HQ Company will be responsible for local sales, customer acquisition and spectrum licensing.

Space Network said that together with the US$100 million agreement signed with DETI Technology in Vietnam in June this year, its total commercial pre-orders have reached US$150 million. Freeport currently operates four low-orbit satellites and plans to expand the constellation to approximately 230 satellites and launch commercial services by 2029.