After a year in which he had to declare Chapter 11 bankruptcy, the satellite Internet OneWeb will start much better in 2021. Two weeks into the new year, the company secured a $ 400 million investment from SoftBank and Hughes Network Systems, bringing its total financing to $ 1.4 billion. With the new addition of cash, OnWeb says it has everything it needs to launch its entire first generation of 648 constellation satellites by 2022.
OneWeb is one of several companies that want to deliver broadband internet to underserved areas using a network of low-orbit satellites. At present its fleet consists of 110 vessels. This means that within two years it will have to manufacture and launch more than 500 extra satellites to achieve its goal. Yet today it is in a much better position than exactly a year ago. After OneWeb went bankrupt at the end of March, the UK and India’s Bharti bought a 45 per cent stake in the company. By December, it could place 36 new satellites in a low orbit around the earth.