The investment will give the South Korean group a seat on OneWebs board of directors.
Satellite broadband startup OneWeb has secured $300m of strategic investment from Hanwha, the South Korean conglomerate with plans for its own mega constellation.
This investment brings OneWeb’s total equity investment since November 2020 to $2.7bn with no debt issuance. The investment is expected to be completed in the first half of 2022, subject to regulatory approvals.
OneWeb’s first-generation fleet of 648 satellites that will deliver global coverage in 2022 is fully funded. To date, the company has launched 254 satellites into orbit, with another launch planned this August from Baikonur, Kazakhstan.
Speaking about the investment, 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 added: “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.”
UK Business Secretary, Kwasi Kwarteng stated: “Today’s $300m investment in OneWeb by Hanwha is the latest in a series of votes of confidence in the company from the market. It’s clear that leading global investors see a promising future for this ground-breaking company and a robust commercial case for investment. The Government’s equity stake in OneWeb not only allows the UK to capitalise on our first-mover advantage to deploy low Earth orbit technology but will put our country at the forefront of the small satellite market, which is set to rapidly expand over the years ahead.”
Neil Masterson, Chief Executive at OneWeb, commented: “Hanwha brings advanced defence and antenna technology development to the OneWeb line-up. We are all delighted that they have chosen to join us on this journey of innovation, shaping a global service to connect the most remote locations and to provide a critical digital pathway from space to our interconnected world.”
On completion, OneWeb will appoint a board of directors to represent Hanwha’s share in the company.