UK government buys chunk of bankrupt Starlink competitor, OneWeb
by Financial Times from Ars Technica - All content on (#5AQ13)
Enlarge / A OneWeb receiver. (credit: OneWeb)
The UK has entered the increasingly competitive race to become a global satellite Internet provider after taking control of failed space startup OneWeb with Indian billionaire Sunil Bharti Mittal.
The low-Earth-orbit-satellite operator emerged from Chapter 11 bankruptcy protection on Friday and will now seek a further $1.25 billion through debt or equity to achieve its ambitious medium-term goal of launching a global commercial Internet service by 2022 focusing on remote areas.
It will face well-funded rivals, including ventures led by SpaceX's Elon Musk and Amazon's Jeff Bezos.
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