OneWeb, the Low Earth Orbit (LEO) satellite communications company jointly owned by the UK Government and Bharti Global, has secured additional funding from SoftBank Group Corp. and Hughes Network Systems LLC, bringing OneWeb’s total funding to $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.
Sunil Bharti Mittal, Executive Chairman of OneWeb, commented, “We are delighted to welcome the investment from SoftBank and Hughes. 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 OneWeb. We gain from their experience and capabilities, as we deliver a unique LEO network for the world.”
Secretary of State, BEIS, The Rt. Hon. Kwasi Kwarteng, MPsaid: “Our investment in OneWeb is part of our continued commitment to the UK’s space sector, putting Britain at the forefront of the latest technological advances. Today’s 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.”
Masayoshi Son, Representative Director, Corporate Officer, Chairman & CEO of SoftBank, said, “We are excited to support OneWeb as it increases capacity and accelerates towards commercialisation. We are thrilled to continue our partnership with Bharti, the UK Government and Hughes to help OneWeb deliver on its mission to transform internet access around the world.”
Neil Masterson, CEO of OneWeb, added“OneWeb’s mission is to connect everyone, everywhere. We have made rapid progress to re-start the business since emerging from Chapter 11 in November. We welcome the investments by SoftBank and Hughes as further proof of progress towards delivering our goal.”
In connection with the investment, SoftBank will gain a seat on the OneWeb Board of Directors. Hughes is an investor through its parent company EchoStar, and also an ecosystem partner, developing essential ground network technology for the OneWeb system.
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