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.
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.