The Internet search giant now owns a sizeable portion of Space Exploration Technologies Corporation or SpaceX—an American space transport services company founded by former PayPal founder and Tesla Motors chief executive Elon Musk.
SpaceX has confirmed in January 21 receiving $1 billion worth of investment funds from Google and Fidelity Investments. Both companies now collectively own about 10% of the company.
Google has been throwing billions of dollars toward various innovative pursuits ranging from wearable technologies and driverless cars, to drones and satellites. Although the space transport services company did not disclose how much of the investment amount came from Google, the move nonetheless marks the prevailing commitment of the Internet search giant to promote industries or technologies that would eventually serve its interest in the long run.
SpaceX chief executive Musk is currently working on a project that involves developing and deploying satellites that could provide global Internet services.
The company, nonetheless, said in a statement, “This funding will be used to support continued innovation in the areas of space transport, reusability, and satellite manufacturing.”
Google, meanwhile, has been looking for industry partners that could help in advancing Internet accessibility around the globe using technological solutions.
It should be noted that the search giant has already invested more than a billion dollar in O3b Networks, a next generation network service provider that is currently developing satellite and fiber technologies for Internet service provision. However, when 03b Networks founder Greg Wyler left, he brought with him the rights to the radio frequency initially intended for beaming Internet from satellites and back to Earth.
About two-thirds of the global population remains disconnected from the Internet. Several companies, including Google, have announced their interest and commitment in advancing Internet accessibility around the globe. Spaced-based Internet through satellite and other related technologies are fast becoming a popular solution to provide Internet access to untapped parts of the world.
Currently, Google is trying to deploy Internet signals in rural areas through its Project Loom. Launched in June 2013, the project involves deploying balloons in the stratosphere to beam Internet signals. The company has also acquired drone maker Titan Aerospace in April 2014 and is attempting to utilize the existing solar-powered, high-altitude “atmospheric satellites” to provide Internet services.