Luxembourg-based OQ Technology secures €25 million EIB venture debt to expand its pioneering research and development in satellite communications technology. Funding supports a network of low-earth-orbit satellites, offering 5G coverage and connectivity for direct-to-device Internet of Things and smartphones.
The European Investment Bank will provide €25 million venture debt financing to Luxembourg-based satellite connectivity provider OQ Technology. The financing, supported by the European Commission’s InvestEU programme, will support the ongoing research and development of its low-earth-orbit (LEO) satellite telecommunications technology, in line with international mobile communication standards.
OQ Technology is deploying a sovereign constellation of satellites to deliver affordable and reliable satellite connectivity to Europe and underserved regions around the world. In support of this, the EIB financing also funds the development and launch of over 20 software-defined, multi-band (S-band, C-band) satellites that will deliver direct-to-device (D2D) Internet-of-Things and smartphone services.
"The rise of OQ Technology is a tell-tale sign of the start-up and scale-up climate that has been created in Luxembourg, one of the most innovative in Europe," said EIB Vice-President Robert de Groot. "Especially when it comes to developing an autonomous European space technology, it is very important that companies like these can get the financing they need to scale up, to make sure that their critical technology can remain and grow in the EU. That is why initiatives like InvestEU and the EIB’s TechEU programme, by making available venture debt for innovative growth companies, are key building blocks for European technological leadership and strategic autonomy.”
“Space is a globally fast-growing sector, and OQ Technology is on board the race. Europe needs to capture this growth for its competitiveness, resilience, and autonomy. The EU is committed to a thriving space industry, with access to risk finance being at the core of its efforts, led by the EIB Group. The EU’s InvestEU and CASSINI offering dedicated services to the space market have proven to be very effective boosters of space commercialisation”. added Andrius Kubilius, European Commissioner for Defence and Space.
Minister of the Economy, SME, Energy and Tourism Lex Delles added: “For more than 40 years, the space sector has been an integral part of Luxembourg’s economic development. Through highly innovative technologies, a strong research base, and a global outlook, Luxembourg has established itself as a recognised player in the European Space ecosystem. The EIB investment in OQ Technology is a clear demonstration of the innovative strength and dynamism of Luxembourg-based space companies. The government will continue to actively support this momentum.”
“This financing from the European Investment Bank is a strong vote of confidence in our vision and our technology,” said OQ Technology’s CEO and Founder Omar Qaise. “With the support of InvestEU, we can accelerate the deployment of our LEO satellite constellation and advance the world’s first commercial and European 5G D2D IoT and smartphone connectivity services (text, voice calls) from space. This funding enables us to scale our R&D efforts, complete our initial constellation, and deliver affordable, secure, and standards-based connectivity to governments, industries, and communities in remote and underserved regions worldwide, while reinforcing Europe’s leadership in non-terrestrial networks and the New Space sector.”
Back in 2019, OQ Technology was the first satellite operator in the world to demonstrate a cellular IoT connection from space, and, most recently, in 2025, it was the first European satellite operator to demonstrate a direct-to-device emergency broadcast message to unmodified smartphones.
On a technical level, OQ Technology’s constellation aims to provide 5G coverage for cellular IoT devices and unmodified smartphones (iPhone, Samsung, Google Pixel) using standardised 3rd Generation Partnership Project (3GPP) Narrowband Internet of Things (NB-IoT) and 5G New Radio (NR) NTN technology via a LEO constellation of small satellites. This solution targets rural and remote areas not served by terrestrial networks and is ideal for low-power, low-data IoT applications. In addition, OQ Technology's satellite-based NB-IoT and 5G NR networks provide an extra layer of resilient, redundant connectivity. It safeguards operations against terrestrial network disruptions caused by natural disasters or adversarial attacks, all within fully European sovereign space and ground infrastructure. The EIB’s debt funding will allow OQ Technology to push the envelope and speed up the completion of its research and development, as well as the rollout of its space-connectivity network.
Click here to know more about OQ Technology's Products and Services
