A French firm has pumped 拢400 million into听OneWeb听as it launches a fleet of satellites to improve global internet connectivity.
Eutelsat鈥檚 backing gives it a 24% stake in听the听鲍碍-产补蝉别诲听low earth orbit satellite communications company.听The investment is expected to be completed in the second half of 2021, subject to regulatory approvals.
OneWeb听is听also听owned by the UK government and Bharti Global after each committed $500m to help it emerge from bankruptcy last year, with SoftBank and Hughes Network Systems LLC also significant backers after funding earlier this year.听The听Eutelsat investment brings听OneWeb听to $1.9 billion in total financing.听
OneWeb鈥檚听648 LEO satellite fleet will deliver high-speed, low-latency global connectivity, placing it as a rival to Elon Musk’s SpaceX in the US.听This week it launched another 36 satellites into its constellation, bringing the system to 182 satellites.听听
The company has only two more launches left in its 鈥楩ive to 50鈥� programme that will cement the company鈥檚 ability to start connectivity services to the United Kingdom, Alaska, Northern Europe, Greenland, Iceland, the Artic Seas and Canada, with global service available next year.听
翱苍别奥别产鈥檚听mission is to offer fast internet access to the entire world, including a 鈥榩athway to 5G鈥�.听听听
It听says听its听partnership with Eutelsat, a global geostationary satellite operator, will enhance both companies’ commercial potential, leveraging Eutelsat鈥檚 established commercial reach to governments and enterprise customers in addition to its strong institutional relationships, recognised technical expertise and global fleet.听听
After听OneWeb听completes the full deployment of the constellation, the company anticipates annual revenues of approximately $1 billion in year three or soon thereafter.听
鈥淲e are delighted with the investment from Eutelsat, which validates our strategy, technology and commercial approach,鈥� said听OneWeb听CEO听Neil Masterson.听
鈥�We now have 80% of the necessary financing for the Gen 1 fleet, of which nearly 30% is already in space.听听
鈥�Eutelsat鈥檚 global distribution network advances the market entry opportunities for听OneWeb听and we look forward to working together to capitalise on the growth opportunity and accelerate the pace of execution.鈥�听
老九品茶 Secretary Kwasi Kwarteng said: 鈥淭oday鈥檚 investment is another giant leap forward for听OneWeb听in realising their ambition to provide global broadband connectivity around the globe.听
鈥淓utelsat brings more than forty years of experience in the global satellite industry and this exciting new partnership puts听OneWeb听on a strong commercial footing, and the UK at the forefront of the latest developments in low Earth orbit technology.听
鈥淭his comes alongside yesterday鈥檚 exciting news that a further 36 satellites were launched into space and demonstrates the momentum behind听OneWeb听and the promising efforts to provide connectivity to some of the world鈥檚 most remote places.鈥�听
Rodolphe Belmer, Eutelsat听CEO, said: 鈥淲e are excited to become a shareholder and partner in听OneWeb听in the run up to its commercial launch later in the year and to participate in the substantial opportunity represented by the LEO segment within our industry.听听
鈥�We are confident in听翱苍别奥别产鈥檚听right-to-win thanks to its earliness to market, priority spectrum rights and evolving, scalable technology. With more than 40 years鈥� expertise in the global satellite industry, we look forward to working alongside the UK Government, Bharti and the other shareholders to open new opportunities and market access to ensure听OneWeb听maximises its potential.鈥�听