OneWeb startup, which planned to create a global satellite Internet system, declared bankruptcy, BBC reports.
The company has announced that it has not been able to obtain funding that would allow it to launch the next satellites and ground stations. The reason for this was called the economic crisis associated with the pandemic of the new coronavirus. According to the newspaper, OneWeb tried to get investments for $ 2 billion, but the deal broke down a few hours before the launch of 34 satellites, which took place on March 21.
According to the statement, OneWeb is laying off most of its employees and will look for a buyer for the company.
The startup planned to launch 650 broadband Internet satellites in 12 different planes with an orbit of 1,200 km. Airbus Defense and Space was responsible for the creation of the apparatus. The satellites had to connect to users’ devices or large earth stations.
The first six OneWeb satellites launched in February 2019. Satellite and terminal testing have shown that they are capable of delivering speeds in excess of 400 megabits per second and a response time of 30 milliseconds from the satellite. Then in February-March 2020, the company launched 68 more satellites.