OneWeb wants another $1bn
November 4, 2019
By Chris Forrester
Satellite mega-constellation OneWeb is looking to raise another $1 billion (€0.9bn) as it starts work on orbiting 30 satellites per month in a few weeks.
OneWeb is backed in part by Japanese media conglomerate SoftBank, although there are also reports that SoftBank is looking to exit the business.
OneWeb wants to circle the planet with an initial batch of 650 satellites for broadband services.
The report, from the UK’s Sunday Telegraph, says OneWeb’s ‘cash call’ will come ahead of SoftBank’s results statement due on November 6th. However, SoftBank has already written down about £380 million of its OneWeb investment. But the newspaper reports that SoftBank remains committed to OneWeb.