SoftBank, Hughes Network Systems fuel OneWeb aim - Mobile World Live 15 JAN 2021
Recently rescued satellite communications company OneWeb secured $400 million in additional investment from Hughes Network Systems and SoftBank Group, as it continues to target 2022 for completion of its first full commercial fleet.
In a statement, OneWeb confirmed the new backing brought the total raised since entering bankruptcy protection in March 2020 to $1.4 billion, putting it on track to meet its target for completion of 648 orbiting satellites.
Financial Times (
FT) reported SoftBank contributed $350 million of the fresh cash with the remainder coming from Hughes Network Systems.
The Japan-based group was one of the early backers of the project and retained a small stake gained from its status as a creditor when OneWeb was rescued from Chapter 11 bankruptcy by a consortium of the UK government and Bharti Airtel parent Bharti Enterprises.