UK-based satellite tv for pc agency OneWeb has confirmed a $229 million write-down of property following the cancellation of deliberate launches from a Russian facility earlier this 12 months.

The corporate, which is part-owned by the UK authorities, is constructing a constellation of 650 Low Earth Orbit (LEO) to ship connectivity to a few of the most distant elements of the world, remodeling shopper providers, in-flight Wi-Fi, and industrial functions.

It had been launching satellites from the Russian-operated Baikonur Cosmodrome in Kazakhstan however halted operations there earlier this 12 months following the invasion of Ukraine.

OneWeb satellites

Russian house company Roscomos had demanded ensures that the know-how wouldn’t be used for navy functions towards the nation following its invasion of Ukraine.

OneWeb has since reached agreements with Elon Musk’s SpaceX and with New House India to proceed launches because it pushes in the direction of its goal, however Russia has seized gear left at Baikonur, resulting in the write-down.

The corporate confronted chapter in 2020 earlier than it was rescued via a takeover by Indian telco Bharti Airtel and the Division for Enterprise, Vitality, and Industrial Technique. 

The federal government now owns a 3rd of the corporate after investing £400 million. Since then, it has obtained further funding from South Korean agency Hanwha, bringing its funding whole to $2.7 billion since its inception.

Earlier this 12 months OneWeb agreed to merge with Eutelsat (opens in new tab), hoping the mixture of their monetary and technological assets would permit it to create hybrid LEO/ Geostationary Orbit (GEO) providers that may higher compete with the likes of SpaceX and Amazon’s Venture Kuiper.

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