Friday, October 22, 2021
Slider
Home World UK government to invest $500 million in space exploration firm OneWeb

UK government to invest $500 million in space exploration firm OneWeb

UK government will invest $500 million and take a significant equity share in space exploration firm OneWeb, it announced Friday. OneWeb, which has its headquarters in the UK, filed for Chapter 11 bankruptcy protection in the US in March, after it was unable to secure financing. Bharti Global also will invest $500 million as part of the deal.

OneWeb is one of  the several companies working on an Internet-from-space project, using a combination of low-altitude satellites to beam internet connectivity to ground terminals on Earth’s surface. It was slated to launch a constellation of 650 spacecraft, and its plans included providing internet coverage for the Arctic. So far, it has launched 74 satellites for the project.

Friday’s deal with the UK, which gives the country a 20 percent stake, will allow OneWeb to complete construction of the satellite constellation.

The government said in a statement: “making the UK a world leader in science, research and development.” UK Secretary of State for Business Alok Sharma said: “the deal presents the opportunity to further develop our strong advanced manufacturing base right here in the UK.”

OneWeb said in a statement Friday that the company was seeking to resume operations as soon as possible.

The deal is subject to US regulatory approval and is expected to close before the end of the year.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Taliban behead a member of Afghan women’s volleyball team

Mahjubin Hakimi, who was a member of the Afghan women's national volleyball team and played in the youth age group, was beheaded by the...

‘Dybbuk: The Curse is Real’ is not for the weak-hearted

Amazon Prime Video has released a thrilling trailer of the highly anticipated horror thriller 'Dybbuk: The Curse is Real', Emraan Hashmi in the lead...

NCB raids Shah Rukh Khan’s & Ananya Panday’s homes in Mumbai

In a major development, teams of NCB (Narcotics Control Bureau) visited the residences of Bollywood megastar Shah Rukh Khan in Bandra West, actress Ananya...

Dybbuk: The Curse Is Real’, teaser out

The teaser of Emraan Hashmi and Nikita Dutta’s film 'Dybbuk -The Curse Is Real' was released Monday.The horror-thriller film is written and directed by...

Recent Comments