South Korean company invests $300 million in OneWeb
Capitalism in space: Hanwah, a South Korean conglomerate, has now invested $300 million in private capital in the satellite communications company OneWeb.
U.K.-headquartered OneWeb expects regulatory approvals to complete the Hanwha transaction in the first half of 2022, bringing its total investment since emerging from bankruptcy protection in November to $2.7 billion. The startup has said it only needed $2.4 billion to fund its initial constellation of 648 satellites in low Earth orbit.
It reached that in June, after Indian telecom company Bharti Global doubled its investment to $1 billion to secure what would have been a 38.6% stake before Hanwha’s announcement. The U.K. government, French satellite operator Eutelsat and Japanese internet giant Softbank were each in line for just under 20% after making their own investments. U.S.-based Hughes Network Systems, which is supplying parts for OneWeb’s ground segment, also had a small stake.
Hanwha also wishes to build its own 2,000 satellite constellation, targeted for operation by 2030. This investment gives it access to OneWeb’s technology which it can later use.
For OneWeb, this new capital solidifies its full recovery from bankruptcy, and makes it a very viable competitor to SpaceX’s Starlink constellation.
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Capitalism in space: Hanwah, a South Korean conglomerate, has now invested $300 million in private capital in the satellite communications company OneWeb.
U.K.-headquartered OneWeb expects regulatory approvals to complete the Hanwha transaction in the first half of 2022, bringing its total investment since emerging from bankruptcy protection in November to $2.7 billion. The startup has said it only needed $2.4 billion to fund its initial constellation of 648 satellites in low Earth orbit.
It reached that in June, after Indian telecom company Bharti Global doubled its investment to $1 billion to secure what would have been a 38.6% stake before Hanwha’s announcement. The U.K. government, French satellite operator Eutelsat and Japanese internet giant Softbank were each in line for just under 20% after making their own investments. U.S.-based Hughes Network Systems, which is supplying parts for OneWeb’s ground segment, also had a small stake.
Hanwha also wishes to build its own 2,000 satellite constellation, targeted for operation by 2030. This investment gives it access to OneWeb’s technology which it can later use.
For OneWeb, this new capital solidifies its full recovery from bankruptcy, and makes it a very viable competitor to SpaceX’s Starlink constellation.
Readers!
My annual February birthday fund-raising drive for Behind the Black is now over. Thank you to everyone who donated or subscribed. While not a record-setter, the donations were more than sufficient and slightly above average.
As I have said many times before, I can’t express what it means to me to get such support, especially as no one is required to pay anything to read my work. Thank you all again!
For those readers who like my work here at Behind the Black and haven't contributed so far, please consider donating or subscribing. My analysis of space, politics, and culture, taken from the perspective of an historian, is almost always on the money and ahead of the game. For example, in 2020 I correctly predicted that the COVID panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Every one of those 2020 conclusions has turned out right.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
You can support me either by giving a one-time contribution or a regular subscription. There are four ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation or subscription:
4. Donate by check, payable to Robert Zimmerman and mailed to
Behind The Black
c/o Robert Zimmerman
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Cortaro, AZ 85652
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