Telit Communications has been provided with a preferred loan of €12.8m and awarded a grant of €3.6m by the Italian Ministry of Economic Development (MiSE) to further develop an innovative platform for the application of IOT technologies. The Loan and Grant will fund approximately two thirds of the expected development costs. The Loan and Grant will allow Telit to increase its already significant investments in research and development of new technologies, products, applications and services and, in particular, in the development of a new and innovative family of LTE class 4 gateway products. The gateway will be able to collect data and serve multiple types of end devices wirelessly connected via short range technologies including BlueTooth, Smart BlueTooth (BLE) and WiFI. The Loan bears a preferred interest rate of 0.8% p.a. and has a term of 11 years, with repayments commencing three years after the loan is drawn down. The Grant and the Loan are expected to be received in a few instalments over the next two years, subject to achieving certain milestones.
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