OneWeb, the global communications network powered from space, has announces that it has secured $550 million in funding from Eutelsat Communications, bringing OneWeb’s total funding to $1.9 billion in fresh equity.
“This investment from one of the world’s most experienced and largest global operators is a vote of confidence in OneWeb and underscores the arrival of Low Earth Orbit (LEO) satellites into mainstream long-term growth planning for major operators,” the company said in a statement.
Eutelsat, the satellite operator, will receive a c.24% equity stake in OneWeb and similar governance rights to the U.K. Government and Bharti Global, making it a significant equity partner and joining investors including the U.K. Government, Bharti Global and SoftBank. The investment is expected to be completed in the second half of 2021, subject to regulatory approvals.
Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises said, “We are delighted to welcome Eutelsat into the OneWeb family. As an open multi-national business, we are committed to serving the global needs of governments, businesses and communities across the world. Together we are stronger, benefitting from the entrepreneurial energy of Bharti, the extensive global outreach of the UK Government, and the expertise in the satellite industry at Eutelsat. OneWeb, with its innovative and disruptive approach, is poised to take a leading position in LEO broadband connectivity.”
Commenting on the agreement, Rodolphe Belmer, Eutelsat’s Chief Executive Officer, said, “We are excited to become a shareholder and partner in OneWeb 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. We are confident in OneWeb’s right-to-win thanks to its earliness to market, priority spectrum rights and evolving, scalable technology. With more than 40 years’ 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 OneWeb maximises its potential.”
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