SEOUL-- Hanwha Systems Co., the defense and ICT unit of Hanwha Group, said Thursday it will invest US$300 million in London-based satellite communications company OneWeb to join the growing space development race in the private sector.
Hanwha will acquire an 8.8 percent stake in the company through the investment, which is expected to be completed in the first half of next year, according to a statement from OneWeb.
The satellite communications company, founded in 2012, aims to establish global internet coverage using a fleet of 648 low-earth orbit satellites by next year.
The service uses satellites to provide high-speed and low-latency internet services across the globe and could power internet-of-things devices for future services.
OneWeb has so far launched 254 satellites into orbit, with plans to launch 34 more satellites later this month.
Hanwha said in a statement that it expects to create synergy with OneWeb on the back of its satellite and antennae technology.
The investment comes as the global space internet market is forecast to grow to as much as US$582 billion in the next 20 years, Hanwha said, citing a Morgan Stanley report.
Hanwha joins other investors in OneWeb, including global telecom operator Bharti Global, satellite operator Eutelsat and SoftBank.
Source: Yonhap News Agency