Starmer and Macron to take on Musk with European Starlink rival
The UK will participate in a €1.5bn investment round for the Paris-based satellite business Eutelsat, the company announced on Thursday.
This will support Eutelsat's efforts to challenge Mr Musk's Starlink, including in Ukraine, where the satellite internet system has been vital to troops' defence against Russia.
Britain already owns a stake in Eutelsat as a result of its merger with OneWeb, the satellite business rescued by Boris Johnson's government in 2020.
However, up until today, the Government had not committed to take part in the company's latest fundraise, which will see the French state become its biggest shareholder.
Eutelsat, best known as a satellite TV provider, merged with OneWeb in 2022 as space companies scrambled to adapt to the rapid rise of Starlink, a subsidiary of Mr Musk's SpaceX.
The UK government had rescued OneWeb from administration in a £400m deal championed by Dominic Cummings.
But the business had struggled to keep up with Starlink, and several of its satellites were seized by Russia in the early days of the Ukraine war.
Eutelsat has also encountered its own issues financially, which prompted the latest fundraising as bosses scrambled to reduce the company's debt burden.
It has been boosted in recent months by suggestions that the White House will cut off funding for Starlink's use in Ukraine.
The UK's investment in Eutelsat means it will maintain its 10.9pc stake in the company, while it also has a golden share in OneWeb that grants it certain national security guarantees.
Peter Kyle, the Secretary of State for Science, Innovation and Technology, said: 'As our adversaries increasingly use space technologies to harm us, resilient satellite connectivity has become essential to our continent's national security.
'This investment reflects our commitment to support the development of these critical technologies and maintain an important stake in the global satellite communications sector.'
Mr Macron wrote on social media: 'Thanks to our British friends as they continue to follow us on the Eutelsat adventure! We're over the moon to keep going with you. Together we go further!'
OneWeb remains headquartered in the UK, although its next generation of satellites will be built in France.
Jean-François Fallacher, OneWeb's chief executive, said: 'In the current environment, it is crucial that our countries continue to collaborate and support each other, including in Space, which has become a key sovereign strategic asset.
'We remain committed to the UK, which we consider as one of our home markets and to supporting the development of OneWeb to address the needs of all our sovereign and commercial stakeholders.'
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