Apple plans to expand its satellite coverage by investing up to $1.5 billion in Globalstar.

According to Globalstar, Apple will receive 85% of its network capacity.

Apple will invest up to $1.5 billion in Globalstar to fund the expansion of its iPhone communication services, the satellite provider said in a regulatory filing on Friday.

A day after forecasting weak quarterly revenue growth, Apple’s stock fell about 1.4%, while Globalstar’s shares surged more than 30%.

Under the funding agreement, Apple will commit $1.1 billion in cash and also purchase 20% equity in Globalstar for $400 million. A portion of the money will be used to settle debt, according to the satellite company.

The action is the latest in a series of collaborations between mobile service providers and space companies aiming to offer satellite-based connectivity to clients in areas with poor network coverage.

Additionally, Globalstar announced that it will give Apple 85% of its network capacity. Tuesday is when the deal is anticipated to close.

In 2022, Globalstar and the iPhone manufacturer collaborated on a feature that would enable Apple users to send emergency messages from far-off locations.