OneWeb wants “billons” in fresh funding
September 20, 2022
By Chris Forrester
Satellite constellation operator OneWeb is reportedly seeking to raise “billion of pounds” in fresh funding. This cash-raising exercise is additional to the recently announced merger between OneWeb and Paris-based Eutelsat.
The fresh cash is needed to fund the cost for building and launching OneWeb’s second-generation satellites, which will be more powerful.
Reports suggest that OneWeb is looking to raise some £3 billion which will be guaranteed by UK Export Finance (UKEF), the UK government-backed import-export bank.
OneWeb has about two-thirds (428) of its planned 648 satellites in orbit. The remaining satellites will be launched later this year and during 2023.
Eutelsat is on record as saying that it has set aside $5.3 billion to complete OneWeb’s satellite constellation and upgrade its technology over the next few years.
OneWeb has approval to build and launch 2,000 satellites of which 1,280 will be ‘second generation’ craft.