SAN FRANCISCO: A SoftBank Corp subsidiary said on Wednesday it had invested US$125 million in an Alphabet Inc company that is working to fly cellphone antennas high in the atmosphere to provide internet in areas that are difficult to reach.
Mobile network operators, governments and other potential clients have yet to demonstrate much enthusiasm for buying such technologies, despite the need to plug gaps in internet coverage in rural areas or at times of natural disasters. Loon and HAPSMobile said at a Tokyo news conference on Wednesday that they needed to collaborate to win over customers and were discussing sharing technology, standardizing gear and cooperating in regulatory talks.The firms said in a joint statement they had entered a"long-term" partnership.
Miyakawa said HAPSMobile had taken a minority stake in Loon at its request and a right to observe board meetings. HAPSMobile did not expect to fund additional companies operating in the same field but was open to receiving investment, he said.