OQ Technology receives financing from the European Investment Bank. Photo: OQ Technology

Luxembourg-based connectivity provider 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 aims to provide a sovereign European Low-Earth Orbit (LEO) constellation for 5G coverage and direct-to-device (D2D) connectivity to smartphones and Internet of Things (IoT) devices. The funding will support the development and launch of over 20 software-defined, multi-band satellites.

“This funding enables us to scale our research and development 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,” OQ Technology CEO and Founder Omar Qaise commented.

The financing announced Wednesday is provided through the European Commission’s InvestEU initiative, which invests public and private funds to invest in line with European policy priorities.

“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.” EIB Vice President Robert de Groot said. “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.”

OQ’s LEO constellation is designed to provide 5G coverage through standardized 3GPP narrowband IoT and 5G new radio (NR) technology. The company plans to serve remote areas outside terrestrial networks and add a layer of redundant connectivity to European infrastructure.

In 2025, OQ was the first European satellite operator to broadcast an emergency alert directly to unmodified cell phones via satellite. Last month, it announced a partnership with British IoT company Eseye to create an ecosystem bridging terrestrial and orbital connectivity networks.