Tern PLC on Friday reported that its portfolio company Wyld Networks AB signed an agreement with Space Exploration Technologies Corp, a spacecraft engineering company led by Elon Musk.

Tern shares surged to 9.30 pence each on Friday afternoon in London, after closing at 3.51p on Thursday.

Tern, an investment company specialising in supporting early-stage internet of things technology businesses, holds a stake of about 27% in Wyld Networks.

‘Wyld and SpaceX will explore potential areas of collaboration to collect data from Internet of Things sensors in remote locations. Satellite connectivity can help bridge the digital divide and increase the reach and resilience of connections for IoT devices. This is particularly the case for the 85% of the earth’s surface that has no cellular coverage,’ Wyld said.

Wyld Networks Chief Executive Officer Alastair Williamson said: ‘With Wyld Connect available to deliver data from IoT devices anywhere on earth, this is a great opportunity to partner with the world’s most important satellite companies.’

The potential of offering remote connectivity will first be tested in North, Central and South America.

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