The federal government’s investment in Ottawa-based Telecast’s satellite internet project, Lightspeed, marks a significant milestone in Canada’s telecommunications industry. Here are the key highlights of this groundbreaking initiative:

– Minister of Innovation, Science and Industry, François-Philippe Champagne, announced a $2.14 billion loan to Telesat for the Lightspeed project.
– The 15-year loan features a floating interest rate of 4.75% and includes a 10% equity stake in Telesat LEO Inc., valuing the company at $3 billion.
– Telesat CEO Dan Goldberg praised Lightspeed as a pioneering global broadband network that will bridge the digital divide, create jobs, drive innovation, and position Canada at the forefront of the New Space Economy.
– The project is expected to yield significant cost savings and operational efficiencies, benefiting both Telesat and its customers.
– Lightspeed is not designed for direct-to-consumer use but will instead provide satellite internet services to telecom companies for resale to consumers.
– Telesat has partnered with SpaceX to launch its Lightspeed satellites into space, with commercial service slated to begin in 2027.
– Despite competition from Starlink, Telesat remains committed to delivering reliable high-speed internet connectivity through its innovative satellite technology.

This latest development underscores Canada’s commitment to advancing telecommunications infrastructure and driving technological innovation on a global scale. Stay tuned for more updates on Telecast’s transformative Lightspeed project.