UK satellite company OneWeb has received $500 million in funding to launch 648 satellites into low Earth orbit.

OneWeb, founded in 2012, claims this satellite network will be able to deliver broadband services across the globe by 2022.

The latest funding, from Indian telecoms company Bharti Global, brings the company’s total funding to date to $2.4 billion.

This investment makes Bharti the largest shareholder in the London-headquartered company – with a 39 per cent stake - after the UK government which owns 19.3 per cent.

The remaining equity in the company is owned by Japanese conglomerate SoftBank, who own 19.3 per cent; European satellite network Eutelsat, who own 19.3 per cent; and American satellite operator Hughes Network Systems, who own 2.6 per cent.

In November 2020, Bharti and the UK government injected $1 billion into OneWeb to pull it out of bankruptcy.

The news comes after OneWeb recently signed a deal with BT to explore the potential for internet services in rural areas in the UK.

The government’s original investment in OneWeb was intended to mitigate the UK’s post-Brexit loss of access to the EU’s Galileo satellite navigation system.

The UK continues to have an imprint on the global satellite industry; three UK-built satellites, aimed at monitoring climate change and tracking endangered wildlife, launched on a SpaceX rocket earlier this month.

In May, UK start-up Satellite Vu raised £3.6 million to launch a satellite infrastructure it claims will be capable of imaging the thermal footprint of any building on the planet multiple times a day.

“OneWeb represents a unique opportunity for investors at a key moment in the commercialisation of space,” said Sunil Bharti Mittal, executive chairman at OneWeb. “With its Global ITU LEO Spectrum priority, telco partnerships, successful launch momentum, and reliable satellites, OneWeb is ready to serve the vital needs of high-speed broadband connectivity for those who have been left behind.”

He added: “Nation-states can accelerate their universal service obligations, telcos, their backhaul, and enterprise and governments can serve remote installations.”

“Today’s additional $500 million investment in OneWeb by Bharti marks yet another vote of confidence in the company from the market,” said Rt Hon Kwasi Kwarteng, MP, secretary of state, BEIS. “It’s clear that investors see a strong future for this incredible, cutting-edge company and a robust commercial case for investment.”

“The government’s equity stake in OneWeb not only allows the UK 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.”

He added: “Now that OneWeb has met its original funding objective, I truly believe the company is fast becoming an asset to the British taxpayer, and I look forward to seeing their ambition realised to provide global broadband connectivity next year.”

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