OneWeb Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Lord Birt
Main Page: Lord Birt (Crossbench - Life peer)Department Debates - View all Lord Birt's debates with the Department for Business, Energy and Industrial Strategy
(4 years, 8 months ago)
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The Deputy Speaker (Lord Alderdice) (LD)
I understand that the noble Lord, Lord Willetts, is not with us, so I call the noble Lord, Lord Birt.
Lord Birt (CB) [V]
My Lords, I declare an interest as a former member of the board of Eutelsat. LEO is potentially a breakthrough technology, but it is also very high risk, as the collapse of OneWeb so vividly demonstrates. What scale of investment will be needed to build out a commercially viable constellation? How will that investment be funded, whether by debt or equity?
Lord Callanan
Given the commercial considerations, at the time I am unable to provide further detail on our ongoing discussions. However, we will have strong representation on the board, we will be fully involved in setting the strategic direction of the business, and we will of course be discussing the future of the business and the merits of bringing in additional shareholders with our partners in due course.