Financial Times article titled "UK gamble on OneWeb signals more interventionist space policy" provides a much different and positive side to the possible UK investment. Something new and never been done before can be a little scary .... like trying to land a rocket booster on a barge at sea. Just because it is not being done by SpaceX doesn't mean it is not possible.
Quote from: Rocket Rancher on 07/03/2020 12:16 amFinancial Times article titled "UK gamble on OneWeb signals more interventionist space policy" provides a much different and positive side to the possible UK investment. Something new and never been done before can be a little scary .... like trying to land a rocket booster on a barge at sea. Just because it is not being done by SpaceX doesn't mean it is not possible.That's a strawman argument. Literally nobody thinks there's anything that's possible only if SpaceX does it.What many are actually claiming is that SpaceX has an enormous advantage over OneWeb because it has access to much lower launch costs. It's not magic. It's reusable launch technology and a focus on low cost. Any other entity in the world with enough money could have chosen to go down that same path. None did. The consequence of that choice by SpaceX years ago to start down that path, and their choices time and again to stick with that path mean that now they're in an overwhelmingly superior position to OneWeb.
Quote from: ChrisWilson68 on 07/03/2020 01:55 amQuote from: Rocket Rancher on 07/03/2020 12:16 amFinancial Times article titled "UK gamble on OneWeb signals more interventionist space policy" provides a much different and positive side to the possible UK investment. Something new and never been done before can be a little scary .... like trying to land a rocket booster on a barge at sea. Just because it is not being done by SpaceX doesn't mean it is not possible.That's a strawman argument. Literally nobody thinks there's anything that's possible only if SpaceX does it.What many are actually claiming is that SpaceX has an enormous advantage over OneWeb because it has access to much lower launch costs. It's not magic. It's reusable launch technology and a focus on low cost. Any other entity in the world with enough money could have chosen to go down that same path. None did. The consequence of that choice by SpaceX years ago to start down that path, and their choices time and again to stick with that path mean that now they're in an overwhelmingly superior position to OneWeb.Launch costs were a minor issue in deploying OneWeb's initial constellation.
And the people jumping into OneWeb now have a huge advantage in that they can get billions of dollars of work that OneWeb put in for pennies on the dollar.
SpaceX is under some impetus to have the constellation pay back its initial development costs, these new investors are not.
And reusable rockets from other providers are available potentially as soon as next year (electron, new glenn).
UK wins bidding war for satellite firm OneWebThe satellite operator could provide the UK with internet and navigation servicesByMatthew Field3 July 2020 • 10:14am
OneWeb statement due at midday BST.
If they had only needed a relatively small amount of additional funding to finish the constellation, they could have sold stock to raise the funding and they wouldn't have gone bankrupt in the first place.
Quote from: ChrisWilson68 on 07/03/2020 03:47 amIf they had only needed a relatively small amount of additional funding to finish the constellation, they could have sold stock to raise the funding and they wouldn't have gone bankrupt in the first place.Under this theory, Iridium wouldn't have gone bankrupt either. The constellation was essentially 100% completed.
If the Bharti-led option goes through, it will represent a bold intervention by the UK government, who are understood to be prepared to put $500m (£400m) into the purchase for an equity stake of 20% in the new operation.
QuoteIf the Bharti-led option goes through, it will represent a bold intervention by the UK government, who are understood to be prepared to put $500m (£400m) into the purchase for an equity stake of 20% in the new operation.https://www.bbc.com/news/science-environment-53279783So, if I am reading this right, OneWeb was valued under auction for $2.5 billion? 100x what Iridium went for post bankruptcy. That is a big stack of cash, I wonder who gets what.
Press releaseUK government to acquire cutting-edge satellite networkGovernment leads a successful bid to acquire OneWeb which develops cutting-edge satellite technology in the UK and in the US.Published 3 July 2020From:Department for Business, Energy & Industrial Strategy and The Rt Hon Alok Sharma MP+ Government-led consortium’s ownership of OneWeb strengthens UK’s place on the world stage+ government will provide $500 million to deliver first UK sovereign space capability, alongside $500 million from Bharti Global+ successful bid puts UK at the cutting-edge of the latest advances in space technologyThe government has today (3 July) led a successful bid to acquire OneWeb, which develops cutting-edge satellite technology in the UK and in the US.The move signals the government’s ambition for the UK to be a pioneer in the research, development, manufacturing, and exploitation of novel satellite technologies through the ownership of a fleet of Low Earth orbit satellites.Business Secretary Alok Sharma confirmed that the government will invest $500 million and take a significant equity share in OneWeb. This is alongside Bharti Global Ltd, which is part of a group that controls the third largest mobile operator in the world. Bharti will provide the company commercial and operational leadership, and bring OneWeb a revenue base to contribute towards its future success.The deal will enable the company to complete construction of a global satellite constellation that will provide enhanced broadband and other services to countries around the world.The deal also offers the UK strategic opportunities across a wide range of other applications, working with our international allies.With a sovereign global satellite system, the UK will further develop its advanced manufacturing base, making the most of its highly skilled workforce as the hardware is further developed and equipment and services are deployed to make the most of this unique capability.OneWeb will also contribute to the government’s plan to join the first rank of space nations, along with our commitment to making the UK a world leader in science, research and development.The deal is subject to US court approval and regulatory clearances and is expected to close before the end of the year.It follows the formation of the UK’s first-ever National Space Council, chaired by the Chancellor of the Exchequer, to consider how space policy can enhance the country’s prosperity and place in the world, as well as our wider national security interests.Business Secretary Alok Sharma said:This deal underlines the scale of Britain’s ambitions on the global stage.Our access to a global fleet of satellites has the potential to connect millions of people worldwide to broadband, many for the first time, and the deal presents the opportunity to further develop our strong advanced manufacturing base right here in the UK.The UK space sector is an economic success story, growing by over 60% since 2010. The sector, which already supports £300 billion of UK economic activity through the use of satellite services, is expected to grow further as new commercial opportunities are unlocked by this agreement.OneWeb was formed in 2012, and has been developing cutting-edge satellite technology from its bases both here in the UK and in the United States.The UK government will have a final say over any future sale of the company, and over future access to OneWeb technology by other countries on national security grounds.Notes to editorsBharti, through Bharti Airtel, is the third largest mobile operator in the world, with over 425 million customers. Bharti Airtel has its own extensive mobile broadband networks and enterprise business, which will act as the testing ground for all OneWeb products, services, and applications. Bharti Airtel also operates India’s leading satellite broadcasting service through Airtel Digital TV to over 16 million households.
Quote from: ncb1397 on 07/03/2020 10:49 amQuote from: ChrisWilson68 on 07/03/2020 03:47 amIf they had only needed a relatively small amount of additional funding to finish the constellation, they could have sold stock to raise the funding and they wouldn't have gone bankrupt in the first place.Under this theory, Iridium wouldn't have gone bankrupt either. The constellation was essentially 100% completed.No, because we know that the Iridium financing came from debt while the OneWeb financing was largely from equity. Just look at the bankruptcy filings.
I am not surprised about the result now. What I do wonder as there is no deal between the UK and the EU and there are more and more signs (at least in German press reports) to let it become a "no-deal" in December 2020, what will be about exporting (or denial of export) of Airbus-related stuff. If things go bad, OneWeb might be stripped of their Airbus-related things. I'm watching the near future with great interest.
Quote from: TorenAltair on 07/03/2020 02:02 pmI am not surprised about the result now. What I do wonder as there is no deal between the UK and the EU and there are more and more signs (at least in German press reports) to let it become a "no-deal" in December 2020, what will be about exporting (or denial of export) of Airbus-related stuff. If things go bad, OneWeb might be stripped of their Airbus-related things. I'm watching the near future with great interest.No deal just means you trade on WTO terms like most countries do.
