Eutelsat Communications said it will buy 24 percent equity stake in OneWeb for $550 million, becoming a leading shareholder of the company alongside the UK Government and Bharti Global.
OneWeb will operate 648 satellites in low orbit (LEO) offering low latency. This first generation of satellites will offer significant regional coverage by the end of 2021, reaching global coverage the following year.
OneWeb will be the first complete non-geostationary constellation with global coverage, significantly ahead of competing projects. It will deliver 1.1 Tbps of capacity addressing the government, fixed data and mobility markets.
Plans include a second-generation constellation that will provide significant enhancements in terms of capacity, flexibility and economics. It anticipates annual revenues of circa $1 billion within three to five years following the full deployment of the constellation, with a partnership approach and profitable wholesale business model.
Rodolphe Belmer, Eutelsat’s Chief Executive Officer said: “We are confident in OneWeb’s right to win thanks to its earliness to market, priority spectrum rights and evolving, scalable technology.”