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Softbank to invest $1 bil. in US satellite startup www3.nhk.or.jp
Japanese telecom operator Softbank will invest 1 billion dollars in a US venture that aims to provide global internet access through small, low-flying satellites.
The company officially announced the investment in the company OneWeb Limited on Monday.
The Virginia-based company has plans to launch more than 720 satellites. They will provide internet access to areas across the globe, including developing countries and disaster-hit areas.
The US firm plans to build a facility in Florida where it will manufacture the next-generation satellites.
The investment from Softbank will mainly go to building the Florida plant. It is estimated that the project will create about 3,000 jobs over the next 4 years.
Softbank Group Chairman and CEO Masayoshi Son met US President-elect Donald Trump in New York earlier this month and pledged investment and job creation in the United States.
Son called the investment in OneWeb "the first step toward delivering on that promise with the next US President."
Published Date:2016-12-20
