Oneweb Secures
Investment From Softbank And Hughes Network
Systems
15 January, 2021
OneWeb, jointly owned by
the UK Government and Bharti Global, has secured
additional funding from SoftBank Group Corp.
(“SoftBank”) and Hughes Network Systems LLC
(“Hughes”), 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.
OneWeb’s mission is to
deliver broadband connectivity worldwide to
bridge the global Digital Divide by offering
everyone, everywhere access including to the
Internet of Things (IoT) future and a pathway to
5G. OneWeb’s LEO satellite system includes a
network of global gateway stations and a range
of user terminals for different customer markets
capable of delivering affordable, fast,
high-bandwidth and low-latency communications
services. 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.
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.”
Pradman Kaul, President of
Hughes, remarked,“OneWeb continues to inspire
the industry and attract the best players in the
business to come together to bring its LEO
constellation to fruition. The investments made
today by Hughes and SoftBank will help realise
the full potential of OneWeb in connecting
enterprise, government and mobility customers,
especially with multi-transport services that
complement our own geostationary offerings in
meeting and accelerating demand for broadband
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.