ONEWEB SUCCESSFULLY EMERGES FROM CHAPTER 11; ANNOUNCES NEW MANAGEMENT AND RECOMMENCES SATELLITE LAUNCHES
SUNIL BHARTI MITTAL TO LEAD AS EXECUTIVE CHAIRMAN
- UK Government and Bharti Global confirmed as new owners of OneWeb.
- Announces appointment of Neil Masterson as CEO of OneWeb
- OneWeb’s return to flight – set for December 2020
New Delhi / London, November 20, 2020: OneWeb, the Low Earth Orbit (LEO) broadband satellite communications company, announces its emergence from U.S. Chapter 11 bankruptcy protection and achievement of all relevant regulatory approvals. A consortium of UK Government, through the UK Secretary of State for Business, Energy and Industrial Strategy and Bharti Global, has invested $1bn of new equity to offer broadband connectivity services, via a constellation of 650 LEO satellites.
OneWeb will continue to be headquartered in the UK, bringing new R&D programmes, manufacturing opportunities and a global platform with priority spectrum usage rights. The company will ensure that the UK is at the forefront of a new commercial space industrial age, evolving technology and innovation, and will work with the UK commercial and academic space communities, along with other international specialists, in its research and development activities.
Sunil Bharti Mittal, Founder and Chairman of Bharti Enterprises, comments: “These are exciting times and the world now has a LEO alternative to work with. We look forward to partnering with those equally determined to enter this new Space Age. There is unmet demand around the globe for broadband connectivity and we intend to continue OneWeb’s social mission. We will use our joint venture facility to drive down cost of service, opening new use cases for low latency broadband provision.”
Sunil Bharti Mittal continues: “This new phase and focus for the Company brings new leadership with Neil Masterson, who has extensive experience in operating global technology platforms in a complex industry undergoing rapid change.
“Together with our UK Government as partners, we recognised that OneWeb has valuable global spectrum with priority rights, and we benefit from $3.3bn invested to-date and from the satellites already in orbit, securing our usage rights. I would like to thank Adrian Steckel for his valued contribution.
In connection with completion of the restructuring process, OneWeb also announced a new management with Sunil Bharti Mittal as the Executive Chairman and Neil Masterson as the Chief Executive Officer. Prior to joining OneWeb, Neil worked as Co-Chief Operating Officer at Thomson Reuters having enjoyed a 20-year career with the global provider of news, information, and software. Additional two non-executive board members representing the UK Government which is currently going through its public recruitment process will be announced.
Neil Masterson succeeds Adrian Steckel, who continues as an Adviser to the Board. Adrian joined OneWeb as CEO in September 2018 and has guided OneWeb through three successful launches, delivering 74 satellites into orbit and securing priority spectrum use rights for OneWeb.
UK Secretary of State for Business, Energy and Industrial Strategy Alok Sharma said: “This strategic investment demonstrates Government’s commitment to the UK’s space sector in the long-term and our ambition to put Britain at the cutting edge of the latest advances in space technology.
“Access to our own global fleet of satellites has the potential to connect people worldwide, providing fast UK-backed broadband from the Shetlands to the Sahara and from Pole to Pole.
“This deal gives us the chance to build on our strong advanced manufacturing and services base in the UK, creating jobs and technical expertise.”
Neil Masterson comments: “I am looking forward to helping the OneWeb team deliver and commercialise their vision to provide internet access across the globe. OneWeb has a strong social purpose to improve the world’s access to information, which I share. It has great talent, a compelling commercial opportunity, and is supported by committed and knowledgeable owners and investors.
“Our December launch puts the UK firmly in the global space business, alongside acknowledged Indian telecoms experts, Bharti Global. OneWeb will be a model for responsible co-operation in Space.”
OneWeb also announces second half of December 2020 for its Return-to-Flight, with a 36-satellite payload scheduled for launch by Arianespace from the Vostochny Cosmodrome. All the satellites have shipped from Florida to Vostochny and are now undergoing preparation for launch.
Due to investment decisions made by the new shareholders, the joint venture facility with Airbus in Florida, USA was re-activated and the dual production lines brought back into service.
Launches will continue throughout 2021 and 2022 and OneWeb is now on track to begin commercial connectivity services to the UK and the Arctic region in late 2021 and will expand to delivering global services in 2022.
- Neil Masterson has extensive experience as a senior executive in a global, multibillion-dollar digital, business information, content, and technology business.
- He previously spent twenty years working at Thomson Reuters in a variety of senior roles across the multi-platform business. In his most recent role as co-COO, he chaired Thomson Reuters Operating Committee, which was responsible for the company’s $6 billion revenue and twenty thousand members of staff.
- He was also responsible for the strategic direction and overall business performance of Thomson Reuters, including marketing, digital, commercial operations, technology, cyber, and content functions.
- He is currently based in New York and will be returning to the UK following his appointment.
OneWeb is a global communications network powered from space, headquartered in London, enabling connectivity for governments, businesses, and communities. It is implementing a constellation of Low Earth Orbit satellites with a network of global gateway stations and a range of user terminals to provide an affordable, fast, high-bandwidth and low-latency communications service, connected to the IoT future and a pathway to 5G for everyone, everywhere. Find out more at http://www.oneweb.world