OneWeb:Written question - 69543

Asked by Chi Onwurah
(Newcastle upon Tyne Central)
Asked on: 06 July 2020
Department for Business, Energy and Industrial Strategy
To ask the Secretary of State for Business, Energy and Industrial Strategy, which Departments participated in the purchase of Oneweb; and what the expected return is on the Government's investment.
Answered by: Amanda Solloway
Answered on: 14 July 2020

The Government collectively reviewed and agreed to lead a successful bid to acquire OneWeb, who develop cutting-edge satellite technology in the UK and in the United States.

This investment is likely to make an economic return, with due diligence showing a strong commercial basis for investment. The deal contributes to the government’s plan to join the first rank of space nations, and signals the government’s ambition for the UK to be a pioneer in the research, development, manufacturing, and exploitation of novel satellite technologies enabling enhanced broadband through the ownership of a fleet of Low Earth orbit satellites.

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