Teledesic Corp. and Boeing have announced that Boeing will become an equity partner in Teledesic with an investment of up to US$100 million.
Securing a 10% stake in Teledesic, Boeing will be Teledesic's main contractor, spearheading an international effort to design, build and launch Teledesic's much-touted "Internet-in-the-sky" telecommunications network.
The Teledesic Network, which will consist of several hundred low-orbit satellites and will cost an estimated $9 billion to build, will provide telecommunications services such as broadband Internet access, videoconferencing and interactive multimedia, the companies said. Service is scheduled to begin in 2002.
The announcement comes after the U.S. Federal Communications Commission's March 14 approval of Teledesic's license to build and operate the advanced, two-way telecommunications network.
Boeing, the world's largest commercial aircraft maker, is based in Seattle where it is a neighbor to Teledesic. Teledesic can be reached at http://www.teledesic.com/.