The European Union has committed $6.2 billion to the project, which will involve 290 satellites across different orbits. Private satellite companies in Europe will pick up the rest of the tab.

The EU has finalized plans to build a €10.6 billion ($11.1 billion) satellite network that will provide high-speed internet to remote locations.

The EU's flagship satellite constellation project officially took off Monday, as the bloc signed a concession contract with a European consortium to develop a secure space-based communication system.