The Canadian government has announced a loan of $2.14 billion to satellite operator Telesat, to help the company build its broadband satellite constellation.
The Canadian government has announced a loan of $2.14 billion to satellite operator Telesat, to help the company build its broadband satellite constellation.
Quebec's government, meanwhile, announced a loan of $400 million to the company, which has contracted aerospace technology firm MDA to build its satellites in Ste-Anne-de-Bellevue, Que., in the Montreal area.
Speaking to reporters today in Ste-Anne-de-Bellevue, Prime Minister Justin Trudeau said the Telesat Lightspeed Low Earth Orbit broadband satellite constellation will enable Canadians in the most remote parts of the country to connect with cheaper, more reliable internet.
A news release from the Office of the Prime Minister says Ottawa's loan will help create 2,000 jobs in Canada.
Quebec Premier François Legault told reporters Telesat plans to create 967 jobs in the province.
Trudeau said Ottawa-based Telesat will invest $4.4 billion back into the Canadian economy through research and development.
The US$3.5-billion Lightspeed program will include 198 LEO satellites in a network the company says will “revolutionize broadband connectivity for enterprise and government users.”
The firm, which now has more than 500 employees, has boosted its headcount by 20 per cent since the start of the year and expects to hire dozens of additional workers before 2024 is out.
The cutting-edge satellites are expected to start undergoing beta testing in June 2026 and enter full service toward the end of the following year.
Telesat, which is headquartered on Elgin Street and trades on the Nasdaq and Toronto Stock Exchange,
announced this week that fellow Ottawa-based firm Calian will develop and deploy the software system that will manage much of Telesat’s Lightspeed low-Earth-orbit satellite constellation.
- with files from David Sali
