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Globalstar Ltd. (GSAT) stock rises in the after-hour trading session. Here’s to know why?

Globalstar Ltd. (NASDAQ: GSAT) stock gained by 2.55% at the last trading closes while the GSAT stock price continued to rise by 6.56% in the after-hours trading. There is no recent news available on media related to this surge in GSAT share price. Globalstar is a leading supplier of personalized Satellite IoT Solutions for customers in sectors like oil and gas, aviation, disaster services, government, marine, and outdoor recreation all over the world.

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Recent Development

On April 14, 2021, it was being announced that Globalstar do Brasil Ltd., a wholly-owned subsidiary of Globalstar, has teamed up with Cisa Trading, a firm with 25 years of expertise in oil and gas trading activities, to offer wealth management technologies to Brazil. The collaboration has also provided increased activities within the procurement and management of one of the world’s largest oil and gas firms, demonstrating early results. All 4,400 Cisa Trading containers must be tracked and monitored via satellite technology as they are transported in remote areas outside of cellular coverage, as required by the contractor.

To meet operating criteria, Globalstar SmartOne Solar devices were chosen. This strong unit, powered by solar energy and certified by ATEX, IECEx, IP68/69K, and HERO, will operate for up to 10 years with little to no maintenance, adding reliability and cost savings to operations.

Furthermore,

With growing exports over the last decade, Brazil has established itself as a significant global player in crude oil production. Since the discovery of the pre-salt coating, the consistency of the fuel has improved, providing a lighter oil that is used to make gasoline and diesel, two of the most valuable items. By 2030, Brazil is expected to be among the top six oil crude exporters, creating new markets and increasing demand for numerous IoT solutions.

Official Remarks

Juan Porras, General Manager of Globalstar for Latin America said that In Brazil, the oil and gas market is a highly fragmented and aggressive vertical. GSAT is ecstatic to have the chance to win this deal, and they are optimistic that their relationship with Cisa Trading will provide the contractor with a cost-effective, long-term solution. This is only one of the important moves in GSAT’s plan to grow their IoT business in key verticals around the country and around the world.

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