Space Network Signs Pre-Purchase Agreement for Satellite Communication Services with Philippine HQ Company

[Financial News] Space Network, a satellite communications infrastructure company, has signed a $50 million pre-purchase agreement for satellite network services with Philippine HQ Company.
According to the virtual asset industry on the 29th, Taerim Oh, CEO of Space Network, and Yong-su Cho, CEO of HQ Company, held a signing ceremony for the pre-purchase agreement at SKY31 Convention in Songpa-gu, Seoul, that day. Including the approximately $100 million agreement signed with Vietnamese technology company DETI in May this year, Space Network has secured pre-orders worth a total of approximately $150 million.
Under the agreement, HQ Company will establish the foundation to operate Space Network's Freeport satellite network services in the Philippines. Space Network will provide the hardware, software and technical support related to the Freeport network service, while HQ Company will handle local sales, customer acquisition and business operations in the Philippines.
Oh said, "We will establish the foundation for local partners to operate their own communications businesses and expand the introduction of our services in markets that need satellite communications infrastructure."
Cho said, "We plan to develop business models and services tailored to local demand based on the Freeport satellite network."
Meanwhile, Space Network has launched and is operating four low-Earth-orbit satellites to date. The company plans to launch approximately 230 satellites in the future and commercialize its Freeport satellite network services in 2029.

[email protected] Lim Sang-hyuk Reporter