UK government invests $500 million for equity stake in satellite company OneWeb
By
Department for Business, Energy & Industrial Strategy
Crisped on the outside, thoughtful enough on the inside.
Summary
The UK government has successfully led a bid to acquire OneWeb, a company developing cutting-edge satellite technology in the UK and US. Business Secretary Alok Sharma confirmed a $500 million government investment for a significant equity stake in OneWeb, alongside Bharti Global Ltd. The acquisition signals the UK's ambition to become a leader in Low Earth orbit satellite research, development, manufacturing, and exploitation.
Key quotes
· 3 pulledThe government has today (3 July) led a successful bid to acquire OneWeb, which develops cutting-edge satellite technology in the UK and in the US.
The move signals the government's ambition for the UK to be a pioneer in the research, development, manufacturing, and exploitation of novel satellite technologies through the ownership of a fleet of Low Earth orbit satellites.
Business Secretary Alok Sharma confirmed that the government will invest $500 million and take a significant equity share in OneWeb.
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