OneWeb raises fresh $400m
January 15, 2021
By Chris Forrester
OneWeb, now out of bankruptcy, has raised $400 million (€330m) in fresh financing.
Two existing – and former investors – have pitched in with the cash; $350 million comes from Japanese media giant SoftBank and an extra $50 million from Hughes Networks Systems.
SoftBank was a major early investor in OneWeb, although most of that cash evaporated with the company’s bankruptcy reconstruction. Hughes is also closely aligned with OneWeb and helped by $250 million of contracts now in place to supply ground-equipment and technology for OneWeb’s terrestrial connectivity.
OneWeb says the new input of cash enables the broadband satellite operator to be fully funded for its first-generation fleet of satellites totalling 648 craft to be built and orbiting by the end of next year.
The company confirmed that its first batch of 110 satellites now in orbit are all in good shape.