January 15, 2021
OneWeb is the Low Earth Orbit satellite communications company jointly owned by the UK government and Bharti Global - REUTERS
OneWeb is the Low Earth Orbit satellite communications company jointly owned by the UK government and Bharti Global - REUTERS×
Total funding jumps to $1.4 billion
OneWeb, the Low Earth Orbit (LEO) satellite communications company jointly owned by the UK government and Bharti Global, said it has secured additional funding of $400 million from SoftBank Group Corp (SoftBank) and Hughes Network Systems LLC (Hughes), bringing OneWeb’s total funding to $1.4 billion.
The investments made on Friday by Hughes and SoftBank will help realise the full potential of OneWeb in connecting enterprise, government and mobility customers, especially with multi-transport services that complement our own geostationary offerings in meeting accelerating demand for broadband around the world, the company said in a statement.
Synopsis
“The capital raised to date positions the company to be fully funded for its first-generation satellite fleet, totaling 648 satellites, by the end of 2022,” a statement released by OneWeb said on Friday.
Agencies
Prior to the latest funding round, the UK government and Bharti Global held 42.2% stake each in OneWeb with other partners holding the balance 15.6%.
SoftBank Group and Hughes Network Systems LLC will together pump an additional $260 million into OneWeb, the low Earth Orbit Satellite Communications company jointly owned by the UK Government and Bharti Global. With this additional funding, the total received by OneWeb will reach $1.4 billion.
“The capital raised to date positions the company to be fully funded for its first-generation satellite fleet, totaling 648 satellites, by the end of 2022,” a statement released by OneWeb said on Friday.
Also in today s EMEA regional roundup: Deutsche Telekom s Access 4.0 platform goes live; everyone loves Tim Höttges; CityFibre rolls into Sunderland; EE extends unlimited mobile data offer for NHS workers.
OneWeb, the satellite communications company jointly owned by the unlikely combo of the UK government and India s Bharti Gobal, has secured additional funding from SoftBank Group and Hughes Network Systems, bringing OneWeb s total funding to $1.4 billion. OneWeb was declared bankrupt in March 2020, but in July the British government and Bharti said they would each invest $500 million in the operator to build a satellite-based navigation system that can be used as an alternative to Galileo, a European Union project, following the UK s departure from the EU. (See Eurobites: OneWeb emerges from Chapter 11, hires new CEO and Bharti Global, British government consortium wins OneWeb bid.)
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.