Hanwha Systems Invests 350 Billion KRW in Space Internet Company 'OneWeb'... Joins Board of Directors

Graphic of the national flags of companies that sequentially joined OneWeb. (Photo by OneWeb)

[Asia Economy Reporter Jeong Hyunjin] Hanwha Systems is making a full-scale entry into the global space business by investing $300 million (approximately 345 billion KRW) in the world-renowned space internet company OneWeb.

On the 12th, Hanwha Systems announced that it signed an investment contract with OneWeb and will join the board of directors alongside the UK government, Indian telecom company Bharti, European satellite communications company Eutelsat, and Japan's SoftBank. OneWeb's main business is space internet, which provides ultra-high-speed internet worldwide by launching satellites into low Earth orbit.

OneWeb succeeded in launching the world's first satellite for space internet in 2019. So far, it operates 254 low Earth orbit satellites orbiting the Earth through eight launches. On the 19th, it plans to launch an additional 34 satellites, and by next year, it will complete the space internet network with 648 satellites and officially start global space internet services. It has also secured global frequency priority rights through the International Telecommunication Union (ITU), a UN agency overseeing global satellites.

OneWeb collaborates with global companies for satellite manufacturing, launches, signal reception, and distribution. To manufacture satellites, it established a joint venture with Airbus, Europe's largest aircraft manufacturer, and cooperates with Arianespace and Soyuz for rocket launches. On the ground, it partners with US network company Hughes for gateways that receive and distribute satellite signals, and telecom companies such as Bharti and Eutelsat, major shareholders and business partners of OneWeb, provide space internet services to users.

Hanwha Systems expects to create synergy with OneWeb based on its satellite and antenna technology. Morgan Stanley forecasts that the space internet market could grow up to $582 billion within 20 years. Sunil Bharti Mittal, chairman of Bharti Group, OneWeb's largest shareholder, said, "Hanwha Systems will be a 'strong partner' in achieving our (OneWeb's) goal of connecting the world."

Hanwha explained that this investment marks its full-scale entry into the global new space stage and is expected to be a turning point as government-led space exploration (Old Space) transitions to private sector-led space business (New Space). The role of Space Hub, Hanwha Group's space business control tower, is also expected to be further strengthened. Launched in March, Space Hub is directly led by Kim Dong-kwan, president of Hanwha Solutions, and includes Hanwha Systems, Hanwha Aerospace, Hanwha Corporation, and satellite company Satrec Initiative.

This content was produced with the assistance of AI translation services.