Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology what information her Department holds on the number of shares in Eutelsat that are owned by the Chinese government.
Answered by George Freeman
The Department for Science, Innovation and Technology (DSIT) is the lead department for OneWeb and its associated policy and is responding in place of the Department for Business and Trade.
According to last available data from June 2023, the Chinese Investment Corporation (CIC) held 7,561,000 shares, equivalent to c. 1.6% of Eutelsat Group’s total shares. Eutelsat Group is a publicly traded company and the number of shares held by CIC may have changed since June. The CIC has never been represented on its Board nor has it had access to any privileged information on Eutelsat or OneWeb’s operations.
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, how much funding her Department has provided to Oneweb; and how that funding has been used.
Answered by George Freeman
The Department for Science, Innovation and Technology (DSIT) is the lead department for OneWeb and its associated policy and is responding in place of the Department for Business and Trade.
HM Government made an equity investment of $500 million in OneWeb in 2020, securing a strategic investment stake and preferential UK rights to OneWeb manufacturing and supply chains on a commercial basis. This was drawn down over the period July 2020 to August 2023 to meet company cash requirements ahead of OneWeb’s merger with Eutelsat. These funds supported the successful delivery of OneWeb’s first-generation constellation – completed earlier this year – and establishing provision of associated services.