Nokia Oyj (NYSE:NOK) Expanding Customer Base With The Launch Of New Projects

563

A lot is happening at Nokia Oyj (NYSE:NOK). Since the Finnish company sold its mobile handset division to Microsoft, it has operated under the rudder. However, there are reports of Nokia expanding customer base as it focuses on the LTE technology.

Long-Term Evolution (LTE) is a next-generation wireless communication technology that has numerous uses outside the internet. According to Developing Telecoms, an industry news outlet, Nokia is in talks with Elektro to upgrade its electrical grid. Elektro is the national power distributor of Brazil. Particularly, the Nokia contract will upgrade the electrical grid in the City of Atibaia, Sao Paulo.

Nokia expanding customer base in the wireless communications sector

The grid upgrade will involve connecting smart meters to the grid wirelessly in an effort to enhance reliability and efficiency. Particularly, a connection over the LTE network will enable grid automation. This way, Elektro will be able to pre-empt cases like blackout. Also, the automation will enable the power company to restore electricity faster.

In essence, the LTE/4G wireless network will connect the smart meters, substations and distributed energy generation sources to operations centre. Therefore, instructions will relay over the network from operations centre to the devices located throughout the City of Abaia. Ultimately, customers will get high quality service alongside reliable power supply.

Developing Telecoms quotes Osvaldo Di Campli, head of Nokia Latin America who says the LTE solution is future-proof. He says:

“This private LTE deployment will provide the large-scale connectivity, extensive coverage and high-bandwidth service needed for Elektro to extend the reach of its network out into their distribution grid, making the grid much smarter.”

Nokia brand name rebounds

This is just one of the ways of Nokia expanding customer base in an industry less competitive than mobile handsets. Interestingly, even the sold off Nokia handsets division is performing exceptionally. Currently, the mobile handsets division is under HMD Global, a Finnish company.

As Gadgets360 reports, the company is making headway into the smartphone industry with some breathtaking products. In October, 2018, HMD launched Nokia X7 with superior functionalities in the mould of Samsung Galaxy A series. Gadgets360 further reports that the company is releasing a new model set to hit the market early 2019.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
Neha Rathod
Neha Rathod offering an analysis of the top market-moving equity, bond, currency and commodity stories from across the globe. Jennifer, who joined Financials Trend in 2012, has covered many global economic, financial, and political events including two general elections, the dot-com boom, and crash, the adoption of the European single currency, the global credit crisis, and the European sovereign debt crisis.