Amazon Secures Launch Vehicles for Satellite-Broadband Venture

Amazon's Project Kuiper will 'provide fast, affordable broadband in places where access is unreliable, expensive, or doesn’t exist at all.'
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Amazon  (AMZN) - Get Report and United Launch Alliance, a provider of rocket-launch services, said on Monday that the Seattle tech and online-retail giant secured nine Atlas V launch vehicles to support Project Kuiper.

That project is designed to “provide fast, affordable broadband in places where access is unreliable, expensive, or doesn’t exist at all” through a constellation of 3,236 advanced satellites in low Earth orbit, the companies said.

ULA is a 50-50 joint venture of Lockheed Martin  (LMT) - Get Report and Boeing  (BA) - Get Report.

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Amazon shares recently traded at $3,369, down 0.9%. The stock has gained 3% over the past six months, below the 20% climb of the S&P 500, amid a correction for technology stocks.

Billions of people lack "reliable internet, and we started Project Kuiper to help bridge the digital divide in these unserved and underserved communities around the world,” Amazon said.

“Launching a constellation on this scale [3,236 satellites] is no small feat, and we will need multiple launch vehicles and launch partners to support our deployment schedule.”

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In other Amazon news on Monday, the union seeking to represent its workers at an Alabama warehouse filed objections to the tech and online-retail giant's conduct during the recent union election.

In a filing with the National Labor Relations Board, the Retail Wholesale and Department Store Union charged that the Seattle company interfered with the right of its Bessemer, Ala. employees to vote in a free and fair election.

Amazon workers rejected the union. The company told TheStreet.com that the union is “misrepresenting the facts.”