Telit Communications Plc (LON:TCM) has been awarded a preferred loan of €12.8mln and a grant of €3.6 mln by the Italian Ministry of Economic Development.
Telit specialises in the hardware that enables machine to machine communications, the Internet of Things (IOT), and most of the money will fund development of a new range of gateway modules to pass data wirelessly through the new superfast LTE class 4 protocol.
The loan runs for eleven years and bears a preferred interest rate of 0.8% and, like the grant, will be released in instalments depending on milestones being hit.
Oozi Cats, Telit’s chief executive, said the money wil allow it to strengthen its IOT platforms and competitive advantages by integrating many wireless connectivity technologies on both existing platforms and on those still in development.