Of the 1,211 proposals submitted to the European Innovation Council, 431 were invited to interviews with the jury. Seventy-one will finally have access to an unprecedented round of funding, the EIC announced on Tuesday, as the selected companies will collectively receive up to €161m in grants and around €226m in equity.

79% of the companies will benefit from the full blended funding option, which combines grants and equity investments, including Luxembourg-based OQ Technology. 21% of the selected companies are led by women (as CEO, CSO or CTO), while the geographical spread spans 16 countries.

“This funding will accelerate the company’s efforts to introduce direct-to-smartphone connectivity across Europe and globally,” said OQ Technology. “Additionally, the equity financing will support OQ’s series B fundraising campaign, which focuses on the deployment of its second batch of low Earth orbit (LEO) satellites. With no European competitors and five US-based providers already testing beta services, OQ Technology is uniquely positioned to lead Europe’s innovation in this growing field. The global market opportunity for this technology is estimated at over $1trn, and OQ’s ongoing studies have paved the way for enhancing its payloads to support these services alongside its existing narrowband solutions.”

“This prestigious grant empowers us to accelerate our global mission. The EU’s backing demonstrates significant trust and inspires other investors to join our journey,” commented the company’s CEO, Omar Qaise. “I want to thank our dedicated team, investors like Aramco Waed Ventures, Phaistos Fund and SES Satellites, and our partner Telefonica for their support. Together, we are set to revolutionise satellite communications and expand 5G non-terrestrial network connectivity worldwide.”

This article was originally published in .