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Japan's SoftBank to Invest $1 Billion in OneWeb Sat Factory

Japan's SoftBank to Invest $1 Billion in OneWeb Sat Factory

Monday, 19 December 2016 10:17 PM

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.

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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.
AS, Japan, SoftBank, US
126
2016-17-19
Monday, 19 December 2016 10:17 PM
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