UK buys £400m stake in bankrupt satellite rival to EU Galileo system
by Jasper Jolly from Science | The Guardian on (#55B35)
Investment with India made in US firm OneWeb after Brexit locks UK out of Europe's satellite navigation system
The UK government has pledged to invest $500m (400m) in bankrupt satellite company OneWeb, giving it a stake in a business that provides broadband from space.
The government, which has proven so far unwilling to take stakes in major British companies hit by the coronavirus pandemic, will receive a significant equity share" in the loss-making company as it seeks to make high-risk, high-payoff" investments of the kind advocated by 10 Downing Street adviser Dominic Cummings.
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