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Network Infrastructure Magazine | Wednesday, August 18, 2021
Hanwha invests in OneWeb for its global mission to connect the world
FREMONT, CA: Hanwha announces USD 300M equity investment by Hanwha Systems in OneWeb, the Low Earth Orbit (LEO) satellite communications company. Hanwha delivers additional defense capabilities and the latest antenna technologies to OneWeb, besides relationships to new government customers and expanded geographical reach. This investment brings OneWeb’s total equity investment since November 2020 to USD 2.7 bn with no debt issuance.
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OneWeb’s first-generation fleet of 648 satellites that will deliver global coverage in 2022 is fully funded. The company has launched 254 satellites into orbit, with another launch planned in August 2021 from Baikonur, Kazakhstan. Thanks to the success of recent launches, OneWeb’s network will be ready to offer connectivity services from 50th parallel and above by the end of 2021 to fully fixed energy rigs operating onshore and offshore in the 50N and above region. In the long term, the development will potentially unlock new, untapped commercial fishing and merchant shipping operations in the Asia-Pacific region and enable improved environmental monitoring.
“We welcome Hanwha to OneWeb. These are exciting and fast-paced times in the space sector. With Hanwha alongside, we will be able to access the highest quality of technological thinking and development. They are a powerful partner in our global mission to connect the world,” said Sunil Bharati Mittal, Founder & Chairman, Bharti Enterprises.
"We are pleased to join hands with OneWeb, which has strength in the LEO communication area, the core of space business. To OneWeb’s vision of connecting all the people across the globe, Hanwha Systems satellite and antenna technology will bring more advantages." Said YounChul KIM, President, CEO, and Director, Hanwha Systems.
Kwasi Kwarteng, UK Business Secretary, said, “Today’s $300m investment in OneWeb by Hanwha is the latest in a series of votes of confidence in the company from the market. Its clear that leading global investors see a promising future for this ground-breaking company and a robust commercial case for investment.”
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