Satellite company suffers $230 million damage in Russia

British satellite startup OneWeb took a $229 million writedown after Russia scrapped its launch plans and took 36 of its spacecraft hostage earlier this year.

The disruption comes after OneWeb canceled a launch at a Kremlin-controlled launch pad in Kazakhstan in March after it rejected Russia’s demand for the UK to sell its stake in the company.

That has delayed a number of planned launches, caused insurance costs and left the satellites in Russian hands, OneWeb said in a report released yesterday.

The London-based company is owned by the UK government along with other investors including Indian telecoms group Bharti, Softbank and French satellite operator Eutelsat, which agreed to a merger with OneWeb in July. Britain keeps its golden share. Satellite company suffers $230 million damage in Russia

Fry Electronics Team

Fry is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – The content will be deleted within 24 hours.

Related Articles

Back to top button