European financing for OQ Technology

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. - EIB Vice-President Robert de Groot

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

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.