Avanti to invest in business broadband satellite

British communications specialist Avanti is set to invest £75 million in its new HYLAS 3 communications satellite, which will be used to deliver high-speed business broadband.

The company hopes that HYLAS 3 will help address the problem of patchy business broadband coverage in remote, rural areas.

Avanti already has one satellite in orbit and will add a second in summer. HYLAS 3 will be the third and dramatically improve the company's coverage of the UK.

John Brackenbury, chairman, said: "I am delighted that we have raised the capital required to fully finance our third satellite, HYLAS 3."

Avanti will work closely with the European Space Agency on the HYLAS 3 project, which aims to have the satellite in orbit within three years.

The firm launched its first business broadband satellite on November 26th 2010. HYLAS 1 was the first of its kind in Europe.