Industry

OneWeb fundraising nudges $1.4 bn: Bharti

OneWeb said it has raised additional funding from SoftBank Group and Hughes Network Systems.   | Photo Credit: Reuters

OneWeb, a global communications firm jointly owned by the U.K. Government and Bharti Global, said it has raised additional funding from SoftBank Group and Hughes Network Systems, taking the total funding to $1.4 billion.

Following this, SoftBank will gain a seat on the OneWeb board, the firm said, adding Hughes is an investor through its parent EchoStar, and also an ecosystem partner, developing essential ground network technology for the OneWeb system.

The capital positions OneWeb to be fully funded for its first-generation satellite fleet, totalling 648 satellites, by end 2022, it added.

The company did not disclose the details of funding raised from the two groups. In July last year, the U.K. Government and Bharti Global had announced an investment of $500 million each in OneWeb.

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Printable version | Mar 8, 2021 3:29:47 PM | https://www.thehindu.com/business/Industry/oneweb-fundraising-nudges-14-bn-bharti/article33582976.ece

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