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OneWeb Announces $1.2 Bln SoftBank-led Investment - Quick Facts

OneWeb Ltd. and SoftBank Group Corp. announced that OneWeb has secured $1.2 billion in funded capital from SoftBank and existing investors, of which $1 billion will come from SoftBank.

OneWeb aims to enable affordable internet access for everyone and the company is building a communications network with a constellation of Low Earth Orbit satellites that will provide connectivity to billions of people around the world. The fundraising will support the company's technological development and the construction of the world's first high volume satellite production facility. The new facility, based in Exploration Park, Florida will be capable of producing 15 satellites per week at a fraction. The investment is expected to create nearly 3,000 new engineering, manufacturing and supporting jobs in the U.S. over the next four years.

by RTT Staff Writer

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