In December 2020, OneWeb launched 36 new satellites, built at its Airbus Joint Venture assembly plant in Florida, USA, bringing the Company’s total fleet to 110 satellites
OneWeb, the Low Earth Orbit (LEO) satellite communications company jointly owned by the UK Government and Bharti Global, announced that it has secured additional funding from SoftBank Group Corp. (“SoftBank”) and Hughes Network Systems LLC (“Hughes”), bringing OneWeb’s total funding to $1.4 billion.
“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,” said Sunil Bharti Mittal, Executive Chairman of OneWeb.
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. 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.
In December 2020, OneWeb launched 36 new satellites, built at its Airbus Joint Venture assembly plant in Florida, USA, bringing the Company’s total fleet to 110 satellites, all fully-functioning and benefitting from International Telecommunication Union spectrum priority.
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.”