Japanese telecoms and energy company SoftBank says it has agreed to invest $1 billion in the U.S. company OneWeb Ltd., which is building a network of satellites to provide global broadband access.

The two companies announced late Monday that OneWeb had obtained promises of $1.2 billion from SoftBank and other investors.

The $1 billion commitment follows a promise by SoftBank founder Masayoshi Son to President-elect Donald Trump to create 50,000 jobs and invest $50 billion in U.S. startups.

The funds will finance the construction of a satellite factory in Exploration Park, Florida, to produce 15 satellites per week at a low cost. The companies said the business could create nearly 3,000 new engineering, manufacturing and other jobs.

OneWeb expects the factory to go online in 2018.