India's Bharti group-backed OneWeb said that Hanwha, the South Korean technology and manufacturing company is making $300m equity investment in OneWeb, the Low Earth Orbit (LEO) satellite communications (Satcom) company.
Hanwha will acquire an 8.8 % stake in the company through the investment, which is expected to be completed in the first half of next year, according to a press release from OneWeb. With the deal, the company has just begun to fund the British company’s second generation of spacecraft.
The satellite communications company, founded in 2012, is encircling the earth with its first-generation fleet of 648 satellites in low-earth orbit to blanket the planet with broadband, filling gaps in coverage and selling bandwidth to governments and businesses.
The service uses satellites to provide high-speed and low-latency internet services across the globe and could power internet-of-things devices for future services.
To date, the company has launched 254 satellites into orbit, with plans to launch 34 more satellites later this month.
Sunil Bharti Mittal, Founder, and Chairman of Bharti Enterprises said: "We welcome Hanwha to OneWeb. These are exciting and fast-paced times in the space sector. With Hanwha alongside, we will be able to access the highest quality of technological thinking and development. They are a powerful partner in our global mission to connect the world."
Youn Chul KIM President, Chief Executive Officer, and Director at Hanwha Systems said: "We are pleased to join hands with OneWeb, which has strength in the LEO communication area, the core of space business. To OneWeb 's vision of connecting all the people across the globe, Hanwha System's satellite and antenna technology will bring more advantages."