As part of a consortium that includes Indian telecommunications company Bharti Global, the UK government will invest $ 500 million and take a “significant equity stake” in space exploration firm OneWeb, it announced on Friday. OneWeb, which is based in the United Kingdom, filed for Chapter 11 bankruptcy protection in the US in March, after it was unable to obtain financing. Bharti Global will also invest $ 500 million as part of the agreement.
OneWeb is one of several companies working on an Internet project from space, using a combination of low-altitude satellites to transmit Internet connectivity to terrestrial terminals on Earth’s surface. He was slated to launch a constellation of 650 spacecraft, and his plans included providing internet coverage for the Arctic. So far, it has launched 74 satellites for the project.
Friday’s deal with the United Kingdom, 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 United Kingdom a world leader in science, research and development. ” UK Secretary of State for Business Alok Sharma said the deal “presents an opportunity to further develop our strong advanced manufacturing base here in the UK.” The UK lost access to the European Union’s Galileo satellite system in 2018 as part of its exit from the EU, and UK plans to build its own global navigation satellite system are suspended due to cost issues.
OneWeb said in a statement on Friday that the company was seeking to resume operations as soon as possible.
However, news of the OneWeb deal drew criticism from some space experts in the UK. Dr. Bleddyn Bowen, a space policy expert from the University of Leicester, said The Guardian that the deal amounted to “connecting unproven technology to a mega constellation designed to do something else.” OneWeb’s satellites are in low Earth orbit, but most GPS systems in other countries are in medium Earth orbit, The Guardian celebrated.
The deal is subject to US regulatory approval and is expected to close before the end of the year.
