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Europe Funds Space-Based Smartphone Network
25 Feb
Summary
- Europe's investment arm backs OQ Technology with 25 million euros.
- New funding will expand direct-to-device satellite constellation.
- This initiative aims to boost Europe's space competitiveness.
The European Investment Bank (EIB) has committed 25 million euros to Luxembourg-based OQ Technology. This significant debt financing will accelerate the expansion of OQ Technology's direct-to-device (D2D) satellite constellation. Over 20 new small satellites will be deployed, including specialized craft for C-band smartphone connectivity launching mid-2026.
This investment underscores Europe's strategic push to enhance its autonomy and competitiveness in the global space race. OQ Technology's expanded constellation will offer improved bandwidth, coverage, and latency, supporting both Internet of Things (IoT) and direct-to-smartphone services.
The financing, backed by the European Commission's InvestEU program, positions Europe to better compete with U.S. companies like SpaceX and AST Space Mobile that are already active in the D2D market. This move follows earlier EIB support for Spanish operator Sateliot.
OQ Technology's CEO emphasized prioritizing technological milestones to attract institutional capital, including from the EIB. The company continues to seek additional long-term investors for its growing constellation.
