Fri, 20 November 2020,
(Reuters) - Satellite operator OneWeb said on Friday it has emerged from Chapter 11 bankruptcy protection with $1 billion (752.67 million pounds) in equity investment from a consortium of the UK Government and India's Bharti Enterprises, the new owners of the UK-based company.
The investment puts OneWeb on track to compete with Elon Musk's SpaceX in the race to use low-Earth orbit satellites to provide high-bandwidth and low-latency communication services.
OneWeb said it appointed Neil Masterson, former co-chief operating officer at Thomson Reuters , as its new chief executive officer, succeeding Adrian Steckel, who will continue as an adviser to the board.
OneWeb, founded in 2014 by entrepreneur Greg Wyler, filed for bankruptcy protection at the end of March after its biggest investor SoftBank Group Corp <9984.T> pulled funding.
The company also said it aims to resume satellite launches on Dec. 17 and is on track to begin commercial connectivity services to the UK and the Arctic region in late 2021, and expand globally in 2022.
(Reporting by Ayanti Bera in Bengaluru; Editing by Shailesh Kuber)
UK and Bharti take control of failed satellite firm OneWeb
Ellie Zolfagharifard
Fri, 20 November 2020
OneWeb emerged from bankruptcy on Friday after a consortium led by the British government completed its acquisition of the troubled satellite operator.
The Government and Indian conglomerate Bharti Global have both put $500m (£400m) into the London business, which aims to beam internet signals from a constellation of hundreds of satellites.
The deal means the UK will go head-to-head with Brussels and billionaire tycoon Elon Musk in the scramble to design an alternative to the aging GPS navigation system.
OneWeb claims its on track to offer internet services in the UK next year and globally in 2022.
"This strategic investment demonstrates government’s commitment to the UK’s space sector in the long-term and our ambition to put Britain at the cutting edge of the latest advances in space technology," said Alok Sharma, the Business Secretary.
"Access to our own global fleet of satellites has the potential to connect people worldwide, providing fast UK-backed broadband from the Shetlands to the Sahara and from Pole to Pole.
"This deal gives us the chance to build on our strong advanced manufacturing and services base in the UK, creating jobs and technical expertise."
Neil Masterson, a former co-chief operating officer at Thomson Reuters, has been appointed as OneWeb's new chief executive. Adrián Steckel, the company's former CEO, will continue to serve as an adviser to the board.
The $1bn bid by the UK government and Bharti Global, an arm of Sunil Mittal’s Bharti Enterprises, was made in July after OneWeb went bankrupt in March. In an extremely rare step, the UK took a so-called golden share to grant it veto powers over future investments in the company and access to its technology.
It pushed the buyout through quickly in the face of concern among civil servants that the investment could sour.
OneWeb's planned network of at least 650 satellites orbiting 750 miles above the earth could also unlock ultra-high speed broadband connections for 60,000 homes in isolated rural areas, as well as turbocharging the country's efforts to roll out 5G mobile internet.
New co-owner Bharti has more than 400 million customers and wants to use OneWeb to connect people in remote locations.
The company had launched 74 satellites before it was forced to file for bankruptcy. It plans to launch 36 more satellites on December 17, bringing its in-orbit fleet to 110 satellites.
Jamie Harris, PA Science Technology Reporter
Fri, 20 November 2020
Failed satellite firm OneWeb has been offered a lifeline as it formally emerged from bankruptcy on Friday.
The UK has a “significant equity stake” in the company, as part of a consortium with India’s Bharti Global, after winning a bidding war in July.
Each party is investing 500 million US dollars (£400 million) into OneWeb in a race to beam internet access across the globe from satellites in the low Earth orbit.
Fantastic news that we've secured satellite network @OneWeb. This strategic investment will drive our space sector and put the UK at the forefront of space tech. A terrific boost to our advanced manufacturing, services and tech industries.
— Boris Johnson (@BorisJohnson) November 20, 2020
But with only 74 satellites in orbit at present, the firm will have to play catch-up to rivals such as SpaceX’s Starlink constellation – which more than 800 satellites already in space.
OneWeb plans to launch 36 satellites in December and hopes to begin commercial connectivity services to the UK and the Arctic region in late 2021, before having a full network in 2022.
The next batch of satellites have been shipped from Florida to Vostochny as they undergo preparations for a December 17 target date.
Business Secretary Alok Sharma said: “This strategic investment demonstrates Government’s commitment to the UK’s space sector in the long-term and our ambition to put Britain at the cutting edge of the latest advances in space technology.
“Access to our own global fleet of satellites has the potential to connect people worldwide, providing fast UK-backed broadband from the Shetlands to the Sahara and from Pole to Pole.
“This deal gives us the chance to build on our strong advanced manufacturing and services base in the UK, creating jobs and technical expertise.”
Delighted to confirm that our acquisition of @OneWeb has completed today.
Our investment will create jobs in our strong advanced manufacturing base, and confirms our ambition to put Britain at the cutting edge of the latest advances in space technology.https://t.co/hFjnXPQDyo
— Alok Sharma (@AlokSharma_RDG) November 20, 2020
The company – formed in 2012 – will continue to be headquartered in the UK, ensuring that the country is “at the forefront of a new commercial space industrial age”.
Neil Masterson, who spent 20 years working for Thomson Reuters, has also been named as the new chief executive to coincide with OneWeb’s rebirth.
“I am looking forward to helping the OneWeb team deliver and commercialise their vision to provide internet access across the globe,” Mr Masterson said.
“OneWeb has a strong social purpose to improve the world’s access to information, which I share.
“It has great talent, a compelling commercial opportunity, and is supported by committed and knowledgeable owners and investors.
“Our December launch puts the UK firmly in the global space business, alongside acknowledged Indian telecoms experts, Bharti Global.
“OneWeb will be a model for responsible co-operation in space.”
OneWeb Emerges From Bankruptcy with New CEO
LONDON, 20 November 2020 (OneWeb PR) — OneWeb, the Low Earth Orbit (LEO) broadband satellite communications company, announces its emergence from U.S. Chapter 11 bankruptcy protection and achievement of all relevant regulatory approvals. A consortium of UK Government (through the UK Secretary of State for Business, Energy and Industrial Strategy) and Bharti Global, has invested $1bn of new equity to offer broadband connectivity services, via a constellation of 650 LEO satellites.
OneWeb will continue to be headquartered in the UK, bringing new R&D programmes, manufacturing opportunities and a global platform with priority spectrum usage rights. The company will ensure that the UK is at the forefront of a new commercial space industrial age, evolving technology and innovation, and will work with the UK commercial and academic space communities, along with other international specialists, in its research and development activities.
In connection with completion of the restructuring process, OneWeb is pleased to announce that Neil Masterson has been appointed CEO. Neil is formerly Co-Chief Operating Officer at Thomson Reuters having enjoyed a 20-year career with the global provider of news, information, and software.
He succeeds Adrian Steckel, who continues as an Adviser to the Board. Adrian joined OneWeb as CEO in September 2018 and has guided OneWeb through three successful launches, delivering 74 satellites into orbit, and securing priority spectrum use rights for OneWeb.
Neil Masterson comments: “I am looking forward to helping the OneWeb team deliver and commercialise their vision to provide internet access across the globe. OneWeb has a strong social purpose to improve the world’s access to information, which I share. It has great talent, a compelling commercial opportunity, and is supported by committed and knowledgeable owners and investors.
“Our December launch puts the UK firmly in the global space business, alongside acknowledged Indian telecoms experts, Bharti Global. OneWeb will be a model for responsible co-operation in Space.”
Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, comments: “This new phase and focus for the Company brings new leadership from Neil Masterson, who has extensive experience successfully operating global technology platforms in a complex industry undergoing rapid change.
“Together with our UK Government partner, we recognised that OneWeb has valuable global spectrum with priority rights, and we benefit from $3.3bn invested to-date and from the satellites already in orbit, securing our usage rights. I would like to thank Adrian Steckel for his valued contribution.
Sunil Bharti Mittal continues: “These are exciting times and the world now has a LEO alternative to work with. We look forward to partnering with those equally determined to enter this new Space Age. There is unmet demand around the globe for broadband connectivity and we intend to continue OneWeb’s social mission. We will use our joint venture facility to drive down cost of service, opening new use cases for low latency broadband provision.”
UK Secretary of State for Business, Energy and Industrial Strategy Alok Sharma said: “This strategic investment demonstrates Government’s commitment to the UK’s space sector in the long-term and our ambition to put Britain at the cutting edge of the latest advances in space technology.
“Access to our own global fleet of satellites has the potential to connect people worldwide, providing fast UK-backed broadband from the Shetlands to the Sahara and from Pole to Pole.
“This deal gives us the chance to build on our strong advanced manufacturing and services base in the UK, creating jobs and technical expertise.”
OneWeb also announces the target date of 17th December 2020 for its Return to Flight, with a 36-satellite payload scheduled for launch by Arianespace from the Vostochny Cosmodrome. All the satellites have been shipped from Florida to Vostochny and are now undergoing preparation for launch.
Due to investment decisions made by the new shareholders, the joint venture facility with Airbus in Florida, USA was re-activated and the dual production lines brought back into service.
Launches will continue throughout 2021 and 2022 and OneWeb is now on track to begin commercial connectivity services to the UK and the Arctic region in late 2021 and will expand to delivering global services in 2022.
Notes to editors
- Neil Masterson has extensive experience as a senior executive in a global, multibillion-dollar digital, business information, content, and technology business.
- He previously spent twenty years working at Thomson Reuters in a variety of senior roles across the multi-platform business. In his most recent role as co-COO, he chaired Thomson Reuters Operating Committee, which was responsible for the company’s $6 billion revenue and twenty thousand members of staff.
- He was also responsible for the strategic direction and overall business performance of Thomson Reuters, including marketing, digital, commercial operations, technology, cyber, and content functions.
- He is currently based in New York and will be returning to the UK following his appointment.
About OneWeb
OneWeb is a global communications network powered from space, headquartered in London, enabling connectivity for governments, businesses, and communities. It is implementing a constellation of Low Earth Orbit satellites with a network of global gateway stations and a range of user terminals to provide an affordable, fast, high-bandwidth and low-latency communications service, connected to the IoT future and a pathway to 5G for everyone, everywhere. Find out more at http://www.oneweb.world
No comments:
Post a Comment