OQ Technology is a global 5G IoT network operator and satellite telecom company. They provide satellite-based connectivity solutions for IoT devices, particularly in remote areas, utilizing a LEO satellite constellation. Their services cater to industries like oil & gas, maritime, and logistics, offering asset tracking and data analytics. OQ Technology has partnerships with major players such as Aramco, Telefonica and ESA.
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OQ Technology plans to use the European Investment Bank funding to reach 20 satellites.
OQ Technology has a goal of deploying more than 100 satellites.
OQ Technology is a satellite IoT and direct-to-device startup.
OQ Technology received $29 million in funding from the European Investment Bank.
The satellite telecommunications technologies financed for OQ Technology will be compliant with international standards for mobile communications.
The €25 million financing to OQ Technology is structured as risk debt to support research, development, and deployment of satellite telecommunications technologies in low Earth orbit.
OQ Technology’s planned satellites are intended to provide direct communications across Europe and in underserved areas.
The European Investment Bank will invest €25 million in OQ Technology with support from the European Commission through the InvestEU program.
OQ Technology’s constellation project plans to launch more than 20 software-defined multiband satellites.
OQ Technology is developing a European sovereign satellite constellation designed to provide direct-to-device 5G connectivity.
OQ Technology is receiving 25 million euro ($29.5 million) of debt financing from the European Investment Bank to accelerate development and rollout of its satellite connectivity network.
OQ Technology’s rollout plan will support direct-to-device text applications in 2026 and full voice connectivity in 2027 across Europe.
OQ Technology will use the €25 million EIB loan to develop and launch more than 20 satellites in the next two years.
The funding for OQ Technology will support the development and launch of over 20 software-defined, multi-band satellites.
OQ Technology’s LEO constellation is designed to provide 5G coverage using standardized 3GPP narrowband IoT and 5G New Radio technology.
OQ Technology has partnered with Germany’s O2 Telefónica, Dutch telco KPN, and US-based Monogoto to expand its market reach.
The European Investment Bank extended €25 million ($29.5 million) in venture debt financing to Luxembourg-based direct-to-device satellite operator OQ Technology.
OQ Technology targets applications including sovereign connectivity needs, institutional networks, and consumer-grade connections.
OQ Technology expects to reach a constellation of 30 satellites in the next few years.
The financing for OQ Technology is provided through the European Commission’s InvestEU initiative.