South Korean antenna technology company Hanwha Systems, a division of the Hanwha Group, has announced a US$300m equity investment in Low Earth Orbit (LEO) satellite operator OneWeb, as the number of investors in the company after its re-emergence from Chapter 11 continues to expand.
This deal brings OneWeb’s total equity investment since November 2020 to US$2.7 billion and is expected to be completed in the first half of 2022, subject to regulatory approvals.
OneWeb’s first generation fleet of 648 satellites is on schedule to deliver global coverage in 2022 and is fully funded, the company says. To date, 254 satellites have been launched into orbit, with another launch planned before the end of August from Baikonur, Kazakhstan.
The existing constellation will begin to provide regional connectivity services at the 50th parallel and above by the end of 2021, OneWeb notes.
“Hanwha brings advanced defence and antenna technology development to the OneWeb line-up. We are all delighted that they have chosen to join us on this journey of innovation, shaping a global service to connect the most remote locations and to provide a critical digital pathway from space to our interconnected world,” said Neil Masterson, Chief Executive at OneWeb.
On completion of the investment deal, OneWeb will appoint a Board Director to represent Hanwha’s share in the company.