Tag Archive for: Globalstar

The ocean energy plays a crucial role in sustaining life on Earth and is essential for our well-being. They provide us with oxygen, regulate climate patterns through ocean currents, and contribute to weather patterns. Additionally, the oceans have the potential to generate significant renewable energy.

Scientists estimate that the power contained in the waves washing up on America’s coastline is substantial enough to meet the energy needs of a significant portion of homes and businesses. This highlights the vast potential of ocean energy as a renewable resource.

As the world’s energy demand continues to grow, it is imperative to shift towards renewable sources of energy to mitigate the impact of climate change and reduce our dependence on fossil fuels. By harnessing the power of the oceans, we can make significant progress in meeting the world’s energy needs in a sustainable and environmentally friendly manner.

Investing in renewable energy sources such as ocean energy is crucial for the future of our planet. It not only helps reduce greenhouse gas emissions but also promotes a more sustainable and resilient energy infrastructure.

The use of satellite technology plays a crucial role in gathering data for PacWave and supporting wave energy innovation. Buoys equipped with various sensors are strategically placed across the region where PacWave operates. These buoys collect important data such as temperature and motion, providing valuable insights into ocean conditions.

To transmit this data, Globalstar’s SmartOne Solar devices are utilized. These compact and durable satellite transmitters are powered by sunlight and have a lifespan of up to 10 years. The buoys transmit the collected data to Globalstar satellites orbiting the Earth, which then relay the information back to researchers on the ground.

By leveraging the SPOT My Globalstar online system, PacWave researchers can easily access the location of each buoy, import the data received, and receive alerts if any buoys drift away from their designated positions. This real-time tracking and data transmission system allows researchers to stay informed about the status and movements of the buoys, ensuring the integrity and reliability of the collected data.

The continuous stream of data obtained from these buoys and transmitted via satellite enables innovators and researchers to accelerate their testing and learning processes. By analyzing the collected data, they can gain insights into the performance of wave energy devices, identify failures and their causes, and explore potential solutions. This iterative process helps advance the development of ocean energy technologies and brings us closer to realizing a sustainable energy future.

Through the combination of satellite technology, oceanic data collection, and wave energy innovation, researchers are making significant strides in harnessing the power of the ocean and unlocking the potential of wave energy as a renewable energy source.

A view of Globalstar offices. Photo credit: Globalstar

A view of Globalstar offices. Photo credit: Globalstar Globalstar Proceeds with French BPIFAE

Globalstar Proceeds with French BPIFAE. Globalstar decided to proceed with an amendment to the current BPIFAE Facility Agreement together with a capital raise of a new second lien credit facility. Of the two financing options disclosed in the press release on August 9, the amendment was determined to be the optimal path.

In June, the Company reached an agreement in principle on the terms of the pending amendment with the BPIFAE lenders and the requisite credit committee approvals have since been received. Additionally, the material terms of the second lien facility have been agreed. Closing of these transactions is subject to final definitive documentation and customary closing requirements and conditions. The amendment provides for: prepayment of the next three scheduled principal payments primarily using proceeds from the new second lien term loan facility; revisions to the remaining repayment schedule to reduce the amount of scheduled payments of principal required prior to maturity; and a reset of financial covenant levels together with an extension of the availability of the cure mechanism under the BPIFAE Facility. Globalstar Proceeds with French BPIFAE

The amendment is intended to improve the company’s capital structure by fully funding the business plan through the final maturity date of the BPIFAE Facility Agreement in December 2022. In addition to providing a fully funded business plan, the amendment will allow the company to leave in place its current cost of capital at favorable rates, reduce future amortization requirements and secure a strategic partner to provide approximately one half of the second lien facility. This partner brings significant experience to the relationship as well as collaboration opportunities with respect to various satellite and spectrum initiatives. Globalstar Proceeds with French BPIFAE