financetom
Business
financetom
/
Business
/
Market Chatter: Ontario Signs $100 Million Deal With Elon Musk's Starlink System
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Market Chatter: Ontario Signs $100 Million Deal With Elon Musk's Starlink System
Nov 15, 2024 11:59 AM

03:56 PM EST, 11/14/2024 (MT Newswires) -- Premier Doug Ford's government has signed a $100-million deal with Elon Musk's SpaceX to deliver high-speed internet to remote residents in rural and northern Ontario, The Canadian Press is reporting Thursday.

The new program called ONSAT -- which stands for Ontario Satellite -- will bring SpaceX's Starlink satellite internet system to 15,000 premises, said Infrastructure Minister Kinga Surma.

"These communities will gain access to high-speed satellite internet capable of supporting streaming video calls, online gaming and more activities that have become second nature to so many of us," Surma said. The service will be used to connect people in the hardest-to-reach areas of the province to the internet, she added.

According to Thursday's report, the system will go live next June with eligibility and registration starting in the spring. The province will cover equipment and installation costs, but not monthly fees. "It is an investment of close to $100 million," Surma said.

SpaceX won after a "robust and transparent and competitive and fair technical and financial evaluation of multiple qualified parties," said Michael Lindsay, CEO of Infrastructure Ontario.

Indigenous "engagement and participation" is part of the contract Infrastructure Ontario signed with SpaceX, he said.

"SpaceX is going to engage directly with Indigenous communities to ensure equal access to the program and to create socio-economic opportunities through employment contracting and training opportunities," Lindsay said.

Installation is relatively straightforward and fast, said Joel Cherkis, who runs the business operations for Starlink.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
ArriVent BioPharma Prices $75 Million Offering
ArriVent BioPharma Prices $75 Million Offering
Jul 2, 2025
04:34 AM EDT, 07/02/2025 (MT Newswires) -- ArriVent BioPharma ( AVBP ) said late Tuesday it priced a $75 million offering, issuing about 2.5 million shares at $19.50 apiece and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to roughly 1.4 million shares. The company granted underwriters a 30-day option to purchase up to 576,923...
Baidu launches AI video generator, overhauls search features
Baidu launches AI video generator, overhauls search features
Jul 2, 2025
BEIJING, July 2 (Reuters) - China's Baidu ( BIDU ) on Wednesday launched an AI-driven video generator for businesses as well as a major upgrade to its search engine. The image-to-video model, called MuseSteamer, is capable of generating videos up to 10 seconds long and comes in three versions - Turbo, Pro and Lite. Over the past year, artificial intelligence...
CapsoVision Prices IPO at $5 per Share
CapsoVision Prices IPO at $5 per Share
Jul 2, 2025
04:11 AM EDT, 07/02/2025 (MT Newswires) -- CapsoVision (CV) said late Tuesday it priced its initial public offering of 5.5 million shares at $5 per share, targeting gross proceeds of about $27.5 million. The medical technology company said the shares are expected to begin trading on Nasdaq under the ticker CV from Wednesday. The offering is expected to close on...
Copyright 2023-2026 - www.financetom.com All Rights Reserved