Tag Archives: Luxembourg
Luxembourg joins OQ Technology’s 30 million euro investment plan
Top Stories Tamfitronics OQ Technology is developing a business for connecting 5G devices in remote and rural areas to satellites. Credit: OQ TechnologyTAMPA, Fla. — Luxembourg’s government has backed a major chunk of OQ Technology’s ongoing 30 million euro ($32 million) Series B funding round, according to the Luxembourg-based operator of small narrowband satellites.OQ Technology announced an investment Oct. 21 from the Luxembourg Space Sector Development (LSSD), which the government co-runs with SES, a multi-orbit satellite fleet operator also based in the country.A spokesperson for OQ Technology said the investment covers a “significant part” of the Series B’s target, adding that it comes via a loan that LSSD can convert into an undisclosed number of shares in the venture within two years of closing the round.“This investment represents a major boost for the company and...
