Hughes Network Systems has agreed to make an in-principle investment of $50M in a consortium with the U.K. government and Bharti Enterprises that will take over satellite company OneWeb.
"This global consortium brings the right players together to fulfill the promise of the OneWeb constellation in deploying low-latency services for communities, enterprises, governments, airplanes and ships â complementing geostationary connectivity and ushering in the new era of multi-transport services that will serve growing bandwidth demand around the world,â said Hughes President Pradman Kaul said in a statement published Monday.
âWe look forward to doing our part in developing this groundbreaking technology and bringing those services to market,â Kaul added.
Hughes said it will continue its technology and distribution partnership with OneWeb and that the consortiumâs consummation is subject to the execution of definitive agreements.
OneWeb, which had launched 74 satellites into low-Earth orbit for its satellite constellation, filed for a Chapter 11 bankruptcy protection in March.
