On completion of the deal, OneWeb will appoint a director to its board to represent Hanwha Systems’ share in the company. “With Hanwha alongside, we will be able to access the highest quality of technological thinking and development,” said Bharti Enterprises chairman Sunil Bharti Mittal, who is the executive chairman of OneWeb.
Bharti Group-backed OneWeb said it has received an equity investment of $300 million from South Korea’s Hanwha Systems for an 8.8% stake. With this infusion, the low-earth
(LEO) satellite communications (satcom) company has received a total of $2.7 billion in equity investment since November 2020, with no debt issuance.
The fresh investment is expected to be completed in the first half of 2022, subject to regulatory approvals, the companies said in a joint statement Thursday.
On completion of the deal, OneWeb will appoint a director to its board to represent Hanwha Systems’ share in the company. “With Hanwha alongside, we will be able to access the highest quality of technological thinking and development,” said Bharti Enterprises chairman Sunil Bharti Mittal, who is the executive chairman of OneWeb.
Hanwha Systems brings defence capabilities and latest antenna technologies to OneWeb. Alongside, the two companies will tap new government customers and expand geographical reach.
“To OneWeb‘s vision of connecting all the people across the globe, Hanwha Systems’ satellite and antenna technology will bring more advantages,” said Youn Chul Kim, CEO, Hanwha Systems.
OneWeb said its first-generation fleet of 648 satellites, which will deliver global coverage in 2022, is now fully funded.
The company has launched 254 satellites into orbit so far, while another launch is planned this month, from Baikonur in Kazakhstan.
OneWeb has said its network will be ready to offer connectivity services from the 50th parallel and above by the end of 2021.
The latest big-ticket funding comes even as OneWeb prepares to deliver high-speed, low-latency satellite broadband services in rural and remote regions globally, including India.
Guest contributor and other agencies
