Japanese telecom and energy company SoftBank has agreed to invest $1 billion in the US company OneWeb Ltd, which plans to build a factory in Florida that the companies say could create 3,000 jobs.
Arlington, Virginia-based OneWeb plans to build a network of satellites to provide global broadband access. The two companies announced late Monday that OneWeb had obtained pledges of $1.2 billion from SoftBank and other investors. Also read: PayPal Announces Incubator Challenge For FinTech Startups
The $1 billion commitment follows a promise by SoftBank founder Masayoshi Son to President-elect Donald Trump to create 50,000 jobs and invest $50 billion in US startups. The funds will finance the construction of a satellite factory in Exploration Park, Florida, to produce 15 satellites per week at a low cost. Also read: Reliance Jio Effect: Telenor Offers Unlimited Voice Calls and Internet in Gujarat
The companies said the business could create nearly 3,000 new engineering, manufacturing and other jobs. OneWeb expects the factory to go online in 2018. Tokyo-based SoftBank is one of Japan's biggest telecoms providers, with more than 63,590 employees, a solar power business, humanoid robots for home use, ride-booking services and financial technology. Also read: Sony India Launches Alpha6500 Camera
It recently set up a $25 billion private fund for technology investments, along with Saudi Arabia and other investors, that Son says could grow to $100 billion. It was unclear if they funds promised to OneWeb were part of that pledge.
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