OneWeb files for bankruptcy

OneWeb files for bankruptcy

OneWeb is a company that was supposed to create a network of satellites providing satellite internet alongside Amazon and SpaceX. It is currently preparing to file for bankruptcy and dismiss 500 employees. The probable reason for the company’s preparation of the bankruptcy petition is lack of funding from the largest Japanese investor SoftBank.

In order to create a satellite Internet network, OneWeb was planning to launch 650 satellites into orbit around the world. To this end, it raised about 3.5 billion dollars from investors such as Virgin Group, Qualcomm or Airbus. Recently, the company has launched a further 34 satellites, increasing the number to 74. The company planned to launch the service in some countries by the end of 2020.

The company plans to retain employees who control the satellites currently in orbit. The number of satellites in orbit is too small for OneWeb to offer Internet access over a small area. At the moment, it is not clear whether the satellites will remain in orbit or be brought back to earth.



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