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OneWeb raises $1.4bn with $350m injection from Softbank

Image courtesy of OneWeb Image courtesy of OneWeb

OneWeb has secured additional funding from SoftBank Group and Hughes Network Systems, 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, MP said: “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, stated: “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, said: “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.”

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