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July 13, 2010

Avanti raises £70m for satellite broadband

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by David Allen

The satellite broadband provider, Avanti Communications Group, has raised £70 million from investors so it can begin the process of launching its first satellite into orbit.

The funds were raised by the sale of shares at 430p each.

Not all of the money will go towards the investment in the satellite, as part of the funds have already been earmarked to pay off loans taken out when the company purchased the Hylas 1 satellite, which was due to be launched last September.

Avanti has plans to provide around 350,000 UK based customers with a broadband service.

This is particularly interesting for those households in remote and rural areas, where broadband through a fixed line would appear to be impossible.

Story link: Avanti raises £70m for satellite broadband

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