It has been reported that satellite based broadband provider HughesNet may be able to increase its customer base and broadband speeds thanks to securing additional funding.
For many people in broadband starved areas of the United States one option over recent years has been to opt for a satellite based broadband service, such as the one offered by HughesNet. This is an expensive option, but for many people living in areas where traditional broadband is not available this is their only opportunity to get online.
The satellite broadband offers users speeds of 2Mbps for downloads and 300Kbps for uploads, and the cost is a crippling one hundred and twenty dollars a month. However, things could be set to improve radically over the next year or two, with HughesNet having secured funding to launch a $400 million Jupiter satellite into orbit, which could mean increasing broadband speeds and increasing its customer base.
The company has signed an agreement for a $115 million loan with BNP Paribas and Societe Generale. The French Export Credit Agency, COFACE, has backed the loan, and once the satellite has been launched users could start enjoying speeds of up to 20Mbps, which whilst not superfast by any means is a huge improvement on what they are currently receiving.
Pradman Kaul, Hughes chairman and CEO, said “I am very pleased to have entered into this COFACE-backed facility with attractive terms that include a fixed interest rate and long tenor. I would like to thank all of our colleagues who have made this happen, including COFACE, BNP Paribas, Societe Generale, and Arianespace.”
Source – Engadget