SoftBank unit invests $125 million in Alphabet’s Loon Balloons

One the most improbable ideas from Google’ s eccentric co-founders — using high-altitude balloons to provide internet connections — is getting a boost from another unconventional technology mogul.

An affiliate of Masayoshi Sons telecom company SoftBank Corp is investing $125 million in Loon, a subsidiary of Google parent Alphabet Inc. The SoftBank unit and Loon will share technology and ground stations, and form “an alliance to promote the use of high altitude communications solutions with regulators and officials worldwide,” according to a statement from the two companies.

The deal gives the SoftBank affiliate, HAPSMobile, an undisclosed minority stake in Loon. And in the future, Loon has the right to invest $125 million in HAPSMobile, a joint venture between SoftBank and Aerovironment Inc. that designs telecommunication aircraft. A spokesman for Loon declined to share details on the markets where the partnership will unfold.