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Bharti-backed satellite communication firm One Web on Thursday said South Korean technology firm Hanwha Systems will invest $300 million for a 8.8% stake in the company.

“Hanwha brings further defence capabilities and the latest antenna technologies to OneWeb, alongside relationships to new government customers and expanded geographical reach,” the company said in a statement.

It added that this investment brings OneWeb’s total equity investment since November 2020 to $2.7 billion with no debt issuance. The investment is expected to be completed in the first half of 2022, subject to regulatory approvals, the company said, adding that on completion, OneWeb will appoint a board director to represent Hanwha’s share in the company.

The company said its first generation fleet of 648 satellites that will deliver global coverage in 2022 is fully funded and the company so far has launched 254 satellites into orbit, with another launch planned this August from Baikonur, Kazakhstan.

“With Hanwha alongside, we will be able to access the highest quality of technological thinking and development. They are a powerful partner in our global mission to connect the world,” said Sunil Bharti Mittal, founder and chairman, Bharti Enterprises.