Bharti-backed OneWeb secures $300 million from South Korea’s Hanwha Systems
- OneWeb’s first generation fleet of 648 satellites that will deliver global coverage in 2022 is fully funded. To date, the company has launched 254 satellites into the orbit, with another launch planned this August
MUMBAI: OneWeb, the Low Earth Orbit (LEO) satellite communications company backed by billionaire Sunil Mittal-run Bharti Group, has secured a $300 million equity investment by Hanwha Systems - a South Korean technology and manufacturing company.
This brings OneWeb’s total equity investment since November 2020 to $2.7 bn with no debt issuance. The investment is expected to be completed in the first half of 2022, subject to regulatory approvals.
Hanwha will bring defence capabilities and latest antenna technologies to OneWeb, alongside relationships to new government customers and expanded geographical reach, the company said in a statement.
“With Hanwha alongside, we will be able to access the highest quality of technological thinking and development. They are a powerful partner in our global mission to connect the world," said Sunil Bharti Mittal, Founder and Chairman, Bharti Enterprises.
OneWeb’s first generation fleet of 648 satellites that will deliver global coverage in 2022 is fully funded. To date, the company has launched 254 satellites into the orbit, with another launch planned this August from Baikonur, Kazakhstan.
OneWeb’s network will be ready to offer connectivity services from 50th parallel and above by the end of 2021.
"OneWeb, has strength in the LEO communication area, the core of space business. To OneWeb ‘s vision of connecting all the people across the globe, Hanwha System’s satellite and antenna technology will bring more advantages," said Youn Chul KIM President, Chief Executive Officer and Director at Hanwha Systems.
On completion of the investment, OneWeb will appoint a Hanwha representative as a board director.
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Business NewsCompaniesNewsBharti-backed OneWeb secures $300 million from South Korea’s Hanwha Systems
First Published:12 Aug 2021, 12:46 PM IST
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