Cupertino, California-based Apple (AAPL) said the "majority" of the money would go towards Globalstar (NYSE:GSAT), which operates the satellites that enable Apple's new feature, available on iPhone 14 models.
“Emergency SOS via satellite is a perfect example of how American ingenuity and technology can save lives,” said Jeff Williams, Apple’s chief operating officer, in a statement. “We are proud this service is enabled by leading US companies, and that our users can explore off-the-grid areas knowing they are still within reach of emergency services if they are in need.”
The new service will be available to U.S. and Canadian customers starting later this month.
In September, Apple (AAPL) announced the new feature, which will let users who are out of range from cell towers, access the satellites by pointing the phone at a sky and connecting to one of Globalstar's (GSAT) satellites.
Apple (AAPL) said in September that the emergency service will be included free for two years.
Earlier this week, Morgan Stanley and UBS tweaked estimates related to the impact from China's COVID-19 lockdown in Zhengzhou, with Morgan Stanley saying an opportunity to "buy the dip" in Apple (AAPL) has emerged.