Dubai: Saudi Arabian investment firm Mawarid Holding, invests in Sceye, an American based manufacturer of high-altitude platform systems, which can be used in the delivery of wireless communications.
Mawarid’s investment values the aerospace company at $525 million (Dh1.9 billion. The funds will support research and development, flight programmes, and the commercialisation of Sceye’s high-altitude platform technology, slated for 2025.
Founded in 1968, Mawarid Holding has a diverse portfolio that includes information and communication technology, satellite, and digital solutions. The firm has been involved in the global communications landscape, as a founder and shareholder of Nasdaq-listed Iridium Communications.
This investment is poised to create new market opportunities for Sceye, established in 2014 and focused on universal connectivity, climate monitoring, natural resource management, and disaster prevention.
Sceye showcased its high altitude platform systems (HAPS) technology's capability for long-duration flights powered by solar energy during the day and batteries at night, enabling it to monitor climate-related disasters such as wildfires and methane leaks.
