To Expand Space Business
Hanwha Group will invest US$300 million in OneWeb, a global space Internet company.
Hanwha System announced on Aug. 12 that it will sign an investment contract with OneWeb and join its board of directors together with the British government, Bharti, one of the world's top three mobile carriers, Eutelsat, one of the world’s top three telecommunication satellite companies, and Japan's SoftBank.
OneWeb's main business is a worldwide high-speed internet service provided through numerous satellites launched into low Earth orbits (LEO). The company succeeded in launching the world's first satellite for space internet services in 2019.
So far, OneWeb is running 254 LEO satellites that travel around the Earth. It will shot up 34 additional satellites on Aug. 19. It plans to complete its space internet network by launching a total of 648 satellites and start global space Internet services in earnest next year.
OneWeb is partnering with world-class companies in satellite production and launches, satellite signal reception and distribution. It formed a joint venture with Airbus, Europe's largest aircraft manufacturer, for satellite production. In rocket production, it will work with Arianespace and Soyuz, which have many proven launch records. As for gateways which receive and distribute satellite signals on the ground, it will team up with leading U.S. network company Hughes. It can provide users with space internet services in cooperation with global telecommunications giants such as Bharti and Eutelsat, major shareholders and business partners of OneWeb.
Morgan Stanley predicts that the space internet service market will grow up to US$582 billion within 20 years.