Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

OneWeb launches 34 satellites from Kazakh cosmodrome in global internet push

Published 02/07/2020, 07:23 PM
© Reuters. A rocket carrying OneWeb satellites blasts off from a launchpad at the Baikonur Cosmodrome
KO
-
AIR
-
QCOM
-

MOSCOW (Reuters) - The UK firm OneWeb launched 34 satellites from Baikonur cosmodrome in Kazakhstan early on Friday as part of its effort to provide global high-speed internet access using satellite communications by 2021.

The Russian Soyuz rocket left Baikonur at 0242 local time (2142 GMT on Thursday), the second OneWeb launch out of 21 planned. OneWeb launched six satellites from the Guiana Space Centre in Kourou, French Guiana, in February 2019.

Several companies are competing in the race to provide internet access using satellites, with Elon Musk and Jeff Bezos among the business leaders posing challenges to the British start-up.

OneWeb founder Greg Wyler intends to put 648 satellites into the Earth's orbit and begin commercial use in 2020.

The firm has attracted around $1.7 billion from the Airbus Group (PA:AIR), Coca-Cola (NYSE:KO), Virgin Group, Qualcomm (NASDAQ:QCOM) and Softbank to deploy the satellite network.

The success of the project depends in large part on Russian partners after OneWeb signed an agreement with France's Arianespace and Russian space agency Roscosmos in 2015 to launch all its satellites using Soyuz rockets.

Igor Komarov, the former general director of Roscosmos, claimed the contract amounted to more than $1 billion.

Despite becoming a key consumer in Russia's rocket industry, OneWeb has been unable to obtain frequencies for work in Russia for more than two years, as Russia's FSB security service considers OneWeb a threat to Russia's national security.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.