© nokia Electronics Production | August 27, 2018
Nokia lands EUR 500 million EU Financing for 5G research
Nokia announces that the company has signed a EUR 500 million loan with the European Investment Bank (EIB). The Finnish company will use the loan to further accelerate its R&D of 5G technology.
5G technology is expected to enable faster speeds, massive connectivity, decade-long battery life for sensors and super-responsive and reliable networks for customers. This could power on-demand virtual reality (VR) and augmented reality (AR) experiences, driverless vehicles, medical monitoring, advanced industrial automation services, and other applications - all requiring ubiquitous, low-latency connectivity. Nokia's end-to-end network proposition goes from the radio network to the internet protocol (IP) and optical networks for transmission, the packet core network, service platforms and all the software and services associated with the whole system. In essence, Nokia's portfolio covers all the needs of a telecom operator that wishes to provide fully converged fixed-mobile communications services critical for the era of 5G. EIB Vice-President Alexander Stubb, responsible for lending in Northern Europe, says in a press release: "5G is happening fast, faster than most people even expected. It's anticipated that it will enable entirely new business cases, while dramatically enhancing existing wireless applications. I think bringing 5G to the market will definitely improve people's lives, as the motto for the EIB's 60th anniversary states." "We are pleased to land this financing commitment from the EIB, who shares our view of the revolutionary nature of 5G - and the realisation that this revolution is already underway. This financing bolsters our 5G research efforts and continues the broader momentum we have already seen this year in terms of customer wins and development firsts, supporting our relentless drive to be a true leader in 5G - end-to-end," says Nokia CFO Kristian Pullola.