AST SpaceMobile is building a global cellular broadband network in space to operate with standard mobile phones.
Atlas Credit Partners, an asset management firm specialising in investing and partnering with businesses on a direct basis, has announced a $100m strategic financing to AST SpaceMobile, with approximately $50m funded at closing.
The ACP credit facility will provide AST with additional resources to continue building a globally connected satellite-based cellular broadband network directly accessible by standard mobile phones. Capital from the ACP facility will allow AST to reach its next commercial milestones, including satellite implementation and integration.
Sean Wallace, Chief Financial Officer of AST SpaceMobile, said: “We are thrilled to partner with Atlas Credit Partners as we continue to pursue our mission to eliminate the connectivity gaps faced by billions of people around the world. Atlas Credit Partners’ financial commitment to us is an important part of our comprehensive financing plan.”
ACP’s investment builds upon AST’s existing capital base of approximately $800m invested to date. This investment, along with AST’s robust suite of proprietary technology, best-in-class manufacturing facilities, and existing partnerships with telecom industry leaders such as AT&T, Vodafone, and American Tower, will allow the Midland, TX-based company to further its goal of building a global satellite-based telecommunications network.
Drew Mallozzi, Chief Investment Officer and Managing Partner at Atlas Credit Partners, added: “The partnership recently announced with AST demonstrates ACP’s commitment to structuring flexible capital solutions for best-in-class companies. It’s a privilege to invest alongside so many global industry leaders and further position AST for long-term success.”