Here's Why OneWeb Resorted To Elon Musk's SpaceX For Satellite Launch

  • OneWeb Ltd looks to use Tesla Inc TSLA CEO Elon Musk’s Space Exploration Technologies Corp (SpaceX)  to launch satellites.
  • OneWeb would continue deploying the remaining 220 spacecraft out of its initial planned fleet of 648. 
  • OneWeb made a move after Russia blocked deployments with French rocket company Arianespace SA, Bloomberg reports.
  • OneWeb also looked to beam broadband down from low-Earth orbit to businesses and government customers.
  • Russia refused to let OneWeb proceed with a March 5 launch in the Kremlin-controlled Baikonur Cosmodrome in Kazakhstan using a Russian-supplied Soyuz rocket operated by Arianespace. 
  • Russia urged the U.K. to sell its stake in the business and sought assurance of OneWeb against not utilizing it for military applications. 
  • OneWeb looked to resume the launches in 2022.
  • Price Action: TSLA shares traded higher by 0.71% at $912.10 on the last check Monday.
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