A significant investment in London-based OneWeb has been made by Eutelsat. It is now constructing a satellite constellation to produce wireless networks.
OneWeb is a London based worldwide communication system of 650 Low Earth Orbit (LEO) satellites. This delivers greater, low-latency connectivity to governments, businesses, and communities worldwide. The Paris-based firm, Eutelsat is investing $550 million (£400 million) in One Web for a 24 percent stake.
Eutelsat is one of the three leading satellite-telecom operators for “fixed services,” such as dish Network, mobile device, and cellular networks. And this investment could be a significant statement of support in the OneWeb project. To access internet links all over the world, the 648 will be required. The London firm is based in the old BBC buildings in White City. Construction would cost around $1 billion was the first estimation of this London firm, OneWeb.
CEO Neil Masterson was delightful at the Eutelsat investment and excited to collaborate to capitalize on the growth opportunity and accelerate the pace of execution. This also validates their strategy, technology, and commercial approach. He also added that they now have 80 percent of the funding needed for the Gen 1 fleet, with nearly 30 percent already in space. And because of this Eutelsat’s global distribution network expands OneWeb’s market entry opportunities.