Axar.az
UP
1 June 2020


OneWeb blames pandemic for collapse

Home page Technology
12 Punto 14 Punto 16 Punto 18 Punto

OneWeb, the high-profile London-based satellite start-up, has filed for bankruptcy protection in the US.

Axar.az reports citing foreign media.

The firm, which has been building a network to deliver broadband across the globe, blamed the Covid-19 crisis for its inability to secure new investment.

OneWeb issued a statement saying it was laying off most of its staff while it seeks a buyer for the company.

The start-up recently launched the 74th satellite in a constellation planned to total at least 648 spacecraft.

The idea is that this network will provide high-bandwidth, low-latency internet connections to any point on Earth, bar Antarctica.

Rumours of a collapse had been swirling around OneWeb this past week. It had raised £2.6bn to implement its project but experts in the space industry speculated that double this sum would probably be needed to complete the system.

The statement released by OneWeb in the early hours of Saturday, London time, said the company had been close to obtaining financing but that, "the process did not progress because of the financial impact and market turbulence related to the spread of Covid-19".

Date
2020.03.29 / 18:54
Author
Axar.az
Comments
See also

Crew Dragon with two NASA astronauts docks to ISS

Amazon UK website defaced with racist abuse

Microsoft 'to replace journalists with robots'

Instagram will start paying its influencers

Russia to launch first satellite to monitor space junk in 2027

Google opens its offices from this date

Arizona sues Google

Nasa set to enter new era in human spaceflight

Instagram now allows for video chat with up to 50 people

Uber cuts 600 jobs in India as lockdown hits business

Latest
 
Xocalı soyqırımı — 1992-ci il Bağla
Bize yazin Bağla
ArxivBağla