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VERIZON COMMUNICATIONS

(VZ)
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5G + LEO - Verizon and Project Kuiper team up to develop connectivity solutions

10/27/2021 | 08:14am EST

BASKING RIDGE, N.J. - Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Project Kuiper, an advanced low Earth orbit (LEO) satellite network from Amazon.com, Inc. (NASDAQ: AMZN), announced a strategic collaboration to develop connectivity solutions for unserved and underserved communities. As part of the collaboration, Project Kuiper and Verizon have begun to develop technical specifications and define preliminary commercial models for a range of connectivity services for U.S. consumers and global enterprise customers operating in rural and remote locations around the world.

Project Kuiper is an initiative to increase global broadband access through a constellation of 3,236 satellites in low Earth orbit (LEO) around the planet. The system will serve individual households, as well as schools, hospitals, businesses and other organizations operating in places where internet access is limited or unavailable. Amazon has committed an initial $10 billion to the program, which will deliver fast, affordable broadband to customers and communities around the world.

Verizon Chairman and CEO Hans Vestberg said, 'Project Kuiper offers flexibility and unique capabilities for a LEO satellite system, and we're excited about the prospect of adding a complementary connectivity layer to our existing partnership with Amazon. We know the future will be built on our leading 5G network, designed for mobility, fixed wireless access and real-time cloud compute. More importantly, we believe that the power of this technology must be accessible for all. Today's announcement will help us explore ways to bridge that divide and accelerate the benefits and innovation of wireless connectivity, helping benefit our customers on both a global and local scale.'

Connecting unserved and underserved communities in the United States

The partnership seeks to expand coverage and deliver new customer-focused connectivity solutions that combine Amazon's advanced LEO satellite system and Verizon's world-class wireless technology and infrastructure. To begin, Amazon and Verizon will focus on expanding Verizon data networks using cellular backhaul solutions from Project Kuiper. The integration will leverage antenna development already in progress from the Project Kuiper team, and both engineering teams are now working together to define technical requirements to help extend fixed wireless coverage to rural and remote communities across the United States.

Amazon CEO Andy Jassy said, 'There are billions of people without reliable broadband access, and no single company will close the digital divide on its own. Verizon is a leader in wireless technology and infrastructure, and we're proud to be working together to explore bringing fast, reliable broadband to the customers and communities who need it most. We look forward to partnering with companies and organizations around the world who share this commitment.'

Delivering new connectivity solutions for global enterprise customers

This partnership will also pave the way for Project Kuiper and Verizon to design and deploy new connectivity solutions across a range of domestic and global industries, from agriculture and energy to manufacturing and transportation. The Kuiper System is designed with the flexibility and capacity to support enterprises of all sizes. By pairing those capabilities with Verizon's wireless, private networking and edge compute solutions, the two will be able to extend connectivity to businesses operating and deploying assets on a global scale.

Betsy Huber, President, The National Grange said: 'The agriculture industry is going to see dramatic changes in how it operates and succeeds in the next several years. Smart farms, bringing technology to agriculture, and connecting the last mile of rural America will be at the forefront of helping our industry to provide food for billions around the globe. Ensuring connectivity in rural areas will be key to making these endeavors a success. We're excited to see the leadership from both companies working together to help take our industry to the next level.'

Amazon and Verizon have previously teamed up to serve customers across many industries, including integrating Verizon's 5G Edge MEC platform with AWS Wavelength and forming the Voice Interoperability Initiative. This collaboration builds on the relationship between the two companies, and lays the groundwork for Amazon and Verizon to serve additional consumer and global enterprise customers around the world.

Contact:

Media

Kim Ancin

E: Kimberly.ancin@verizon.com

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -2.12% 3504.56 Delayed Quote.7.60%
VERIZON COMMUNICATIONS 0.27% 51.8 Delayed Quote.-11.83%
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Sales 2021 133 B - -
Net income 2021 22 714 M - -
Net Debt 2021 143 B - -
P/E ratio 2021 9,49x
Yield 2021 4,89%
Capitalization 217 B 217 B -
EV / Sales 2021 2,70x
EV / Sales 2022 2,70x
Nbr of Employees 132 200
Free-Float 96,5%
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Hans Erik Vestberg Chairman & Chief Executive Officer
Matthew D. Ellis Chief Financial Officer & Executive Vice President
Kyle J. Malady Chief Technology Officer & Executive VP
Shankar Arumugavelu Global Chief Information Officer
Manon Brouillette COO & Deputy CEO-Verizon Consumer Group