OQ Technology Signs €1m Commercial Contract

CEO and Founder Omar Qaise (© OQ Technology)

Luxembourg-based OQ Technology has announced its first commercial contract using its world-first low-earth-orbit (LEO) satellite constellation to provide 5G coverage for Internet of Things (IoT) devices. The contract, with an unnamed oil and gas company, is worth almost €1m ($1.06m).

The initial deal will cover 2023 but includes options for future extensions. OQ Technology is also launching its OQ-Secure product suite, the world’s first secure private network providing 5G connectivity for IoT devices, based on standardised 3GPP cellular technology for narrowband IoT.

“This commercial product suite and contract is the start of a whole new ballgame. In addition to funding and contracts to prove a certain technology, we are now making revenue based on our 5G IoT satellite constellation and delivering the services and products it can provide,” said Omar Qaise, founder and CEO of OQ Technology, adding: “The value of this single customer contract also shows the tremendous potential that our technology, products and services have. It is a multiple of what other satellite IoT startups have been trying to achieve over the years. OQ Technology already has a large pipeline of customers from different verticals and has started the process of converting that pipeline into paying customers.”

The product will allow for the monitoring of oil and gas wellheads, as well as smart metering and asset tracking, and incorporates gateways to manage and control users and assets, and a secure layer to protect data.

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