Earlier this month, OneWeb was bailed out after going bankrupt in March. OneWeb is one of the companies that plans to build satellite networks that will be able to bring the Internet from space to users here on Earth.
OneWeb was launched in 2015 with investments from Virgin, Qualcomm, Airbus, and others. However, in March the company declared that the funds were forfeited and it was declared bankrupt. Now, however, the British government has decided to invest $ 500 million in OneWeb. This is done, among other things, to gain access to its global satellite network. The British government wrote in a press release:
“With a sovereign global satellite system, the United Kingdom will develop its advanced manufacturing base and make the most of its highly skilled workforce as devices are further developed and equipment and services are deployed to make the most of this unique capacity.”
In addition to the UK, Indian telecom company Bharti Global will raise $ 500 million in OneWeb. After the startup, OneWeb will be 90 percent owned by the United Kingdom and Bharti Global, while the remaining 10 percent will be owned by companies that had financial claims on OneWeb when the company went bankrupt.