OneWeb, a London, UK-based Low Earth Orbit (LEO) satellite communications company, made a USD $300m equity investment.
Hanwha Systems, a South Korean Fortune 500, global technology and manufacturing company, made the investment for an 8.8% share, which brought total equity investment since November 2020 to USD $2.7bn with no debt issuance..
Hanwha brings further defence capabilities and the latest antenna technologies to OneWeb, alongside relationships to new government customers and expanded geographical reach.
The investment is expected to be completed in the first half of 2022, subject to regulatory approvals. On completion, OneWeb will appoint a Board Director to represent Hanwha’s share in the company.
Led by Neil Masterson, CEO, OneWeb is implementing a constellation of Low Earth Orbit satellites with a network of global gateway stations and a range of user terminals to provide a high-bandwidth and low-latency communications service. Its fleet of 648 satellites that will deliver global coverage in 2022 is fully funded. To date, the company has launched 254 satellites into orbit, with another launch planned this August from Baikonur, Kazakhstan.
FinSMEs
14/08/2021