Participated · Equity · Mar 2019

OneWeb is implementing a constellation of Low Earth Orbit satellites alongside a network of global gateway stations and a range of user terminals to provide high-bandwidth, low-latency communications. Its planned fleet of 648 satellites, intended to deliver global coverage in 2022, is fully funded. To date the company has launched 254 satellites, with another launch planned in August from Baikonur, Kazakhstan. Financially, Hanwha Systems agreed to make a $300m equity investment for an 8.8% share, bringing total equity investment since November 2020 to $2.7bn with no debt issuance. The investment is expected to complete in the first half of 2022, subject to regulatory approvals, and OneWeb will appoint a board director to represent Hanwha on completion. Hanwha brings defence capabilities, the latest antenna technologies, relationships to new government customers, and expanded geographical reach. OneWeb is deploying a 648-satellite Low Earth Orbit constellation to provide low-latency, high-bandwidth connectivity. The first-generation constellation is expected to deliver significant regional coverage by the end of 2021 and global coverage the following year, leveraging ITU-backed priority spectrum rights. It plans to deliver 1.1 Tbps of capacity addressing government, fixed-data and mobility markets and intends a partnership-based, profitable wholesale business model. OneWeb also plans a second-generation constellation to improve capacity, flexibility and economics. The company anticipates annual revenues of circa $1 billion within three to five years after full deployment of the constellation. OneWeb is described as almost fully funded following recent investment activity and is advancing to secure remaining funding needs. OneWeb develops a LEO satellite constellation and complementary ground infrastructure (global gateway stations and user terminals) to provide fast, low-latency broadband. The company has launched 36 satellites in December, bringing the total in orbit to 110, with more than 500 of the first-generation 648 satellites still to launch. OneWeb has streamlined its constellation and reduced its FCC market-access request from 47,884 to 6,372 satellites. Hughes is building the ground network that will work with OneWeb’s satellites. The company emerged from Chapter 11 after rescue financing from the U.K. government and Bharti and says it is focused on completing its first-generation fleet and commercialisation. Recent funding activity and strategic partners are intended to help OneWeb capitalise on demand driven by 5G, IoT and broader connectivity needs. OneWeb develops and plans to operate a large low-Earth-orbit satellite constellation to provide global internet connectivity. The company successfully launched and deployed its first six satellites and intends an initial fleet of about 650 satellites, with several hundred more planned later. OneWeb is moving to mass manufacture and finishing a dedicated satellite production facility being built with partner Airbus. Each satellite currently costs roughly $1 million, and the company says the new funds will accelerate manufacturing and deployment. Management expects to demo connections next year with a launch cadence of about 30 satellites per monthly launch and to offer limited commercial service in 2021; it has already signed its first customer, Talia (serving Africa and the Middle East). The company also cites progress toward fully securing its ITU priority spectrum position as it shifts from planning to deployment. OneWeb is developing a constellation of low‑orbit satellites to beam affordable internet worldwide, aiming to improve coverage and connect areas that are currently offline. The company plans an initial 10 test satellites in early 2018, followed by an initial fleet of 72 low‑orbit satellites six months later, with service potentially operational as soon as 2019. OneWeb intends its network to support schools (targeting universal school connectivity by 2022) and to enable emerging technologies like IoT and connected cars. The firm announced a major funding round to support rapid scaling, including construction of a high‑volume satellite production facility in Florida scheduled for completion in 2018. That facility is planned to churn out 15 satellites per week at a fraction of current manufacturing cost and to create roughly 3,000 jobs over four years. OneWeb also set a broader goal to fully bridge the digital divide by 2027.