Saudi Arabian investment firm Mawarid Holding has invested in Sceye, a U.S. manufacturer of high-altitude platform systems (HAPS) used for wireless communications.
This investment values Sceye at $525 million and will fund research, development, flight programs, and the commercial launch of its technology by 2025.
Established in 1968, Mawarid Holding has a varied portfolio in ICT, satellite, and digital solutions, and is a founder and shareholder of Iridium Communications.
Sceye, founded in 2014, aims to enhance universal connectivity, climate monitoring, resource management, and disaster prevention. Its HAPS technology supports long-duration flights using solar power by day and batteries by night, capable of monitoring climate disasters like wildfires and methane leaks.