翱苍别奥别产鈥檚听funding has topped 拢1 billion as it seeks to launch a fleet of satellites to improve global听internet connectivity.听
The听low听earth听orbit satellite communications company is jointly owned by the UK听government and Bharti Global after each committed $500m to help it emerge from听bankruptcy last year.
OneWeb has now secured additional funding from SoftBank Group听and Hughes Network Systems LLC, which the London firm says positions it听to be fully funded for its first-generation satellite fleet,听totalling听648 satellites, by the end of 2022.听
翱苍别奥别产鈥檚听mission is to offer听fast internet听access听to the entire world,听including听a听鈥�pathway to 5G鈥�.听听
In December 2020听it听launched 36 new satellites, built at its Airbus Joint Venture assembly plant in Florida,听taking its听total fleet to 110 satellites.听
鈥淲e are delighted to welcome the investment from SoftBank and Hughes,鈥澨�said听executive chairman Sunil Bharti Mittal.听听
鈥�Both are deeply familiar with our business, share our vision for the future, and their commitment allows us to capitalise on the significant growth opportunity ahead for听OneWeb.听听
鈥�We gain from their experience and capabilities, as we deliver a unique LEO network for the world.鈥�听
Secretary of State, BEIS, The Rt. Hon. Kwasi Kwarteng, MP said: 鈥淥ur investment in听OneWeb听is part of our continued commitment to the UK鈥檚 space sector, putting Britain at the forefront of the latest technological advances.听听
鈥�Today鈥檚 investment brings the company one step closer to delivering its mission to provide global broadband connectivity for people, businesses and governments, while potentially unlocking new research, development and manufacturing opportunities in the UK.鈥�听
Masayoshi Son,听chairman听and听CEO of SoftBank, said:听鈥淲e are excited to support听OneWeb听as it increases capacity and accelerates towards commercialisation.听听
鈥�We are thrilled to continue our partnership with Bharti, the UK Government and Hughes to help听OneWeb听deliver on its mission to transform internet access around the world.鈥�听
SoftBank will gain a seat on the听OneWeb听board of听directors听as a result of the investment.听
5G