Hanwha to invest $300 million in satellite operator OneWeb

According to Yonhap News Agency, Hanwha Systems, a subsidiary of Hanwha Group, said on the 12th that the company will invest US$300 million in satellite operator OneWeb and become a member of the company's board of directors after the British government, India's Bharti Group, Eutelsat and Japan's SoftBank.

OneWeb is a space Internet company dedicated to launching low-orbit satellites. It has 254 satellites in orbit, and the number is expected to increase to 648 next year, when its high-speed network services will cover the world.

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Hanwha said it expects the company's world-leading satellite and antenna technology to be combined with OneWeb to create greater synergy. Through this investment, it will officially enter the world's "New Space" stage and promote the transformation of the current government-led space exploration project (Old Space) to a private-led new space project (New Space). Under this circumstance, it is expected that the role of the "Space Hub" in charge of the aerospace business within the group will be further strengthened.

Sunil Mittal, OneWeb's largest shareholder and chairman of the Bharti Group, welcomed the addition of Hanwha Systems and said Hanwha will become a strong partner in helping OneWeb achieve its goal of connecting the world.