Hanwha, the South Korean Fortune 500, announced a $300 million equity investment in OneWeb, a satellite communications company backed by Bharti group.
OneWeb in a media statement said Hanwha brings defence capabilities and antenna technologies to OneWeb, alongside relationships to new government customers and expanded geographical reach.
This investment brings OneWeb’s total equity investment since November 2020 to $2.7 billion with no debt issuance. The investment is expected to be completed in the first half of 2022, subject to regulatory approvals.
OneWeb’s 648 satellites that will deliver coverage in 2022 is fully funded. The UK-based company has launched 254 satellites into orbit, with another launch planned this August from Baikonur, Kazakhstan. OneWeb’s network will be ready to offer connectivity services from 50th parallel and above by the end of 2021.