The “Power Empowering a Digital Future” project, led by Altice Labs and in collaboration with the Instituto de Telecomunicações, the Universidade de Coimbra, and the Instituto Pedro Nunes, received the green light from the government in early August for the granting of financial incentives for the Research and Development (R&D) of an “innovative portfolio of products and services for the telecommunications and information technology markets based on cloud and cognitive technologies”.
Representing a total investment of approximately 24 million euros, Altice Labs’ innovation project, which secures 85% of its revenue from exporting technology to more than 60 countries, received a favorable dispatch signed by the Minister of Economy, António Costa Silva, and the Secretary of State for Internationalization, Bernardo Ivo Cruz. This approved the final draft of the investment contract to be signed with AICEP (Agência para o Investimento e Comércio Externo de Portugal), which is the Portuguese Agency for Investment and Foreign Trade.
“The realization of the project will allow Altice Labs not only to maintain but also to expand its market share in the markets and geographies in which it is already present. It will address new business segments worldwide, offering innovative services in the field of industrial IoT (based on 5G), IoT for urban clusters/cities/municipalities, and, at the same time expand into new business areas in the Big Data services segment and data monetization and analytics, as well as digital markets for associated cognitive and non-cognitive algorithms,” the decree stresses.
Altice Labs commits to creating 15 “highly qualified” job positions in R&D activities, while the Universidade de Coimbra plans to hire 17 fellows, including 14 master’s degree research fellowships, one post-doctoral fellowship, and two undergraduate fellowships.
According to information released by the Executive, the “Power – Empowering a Digital Future” project will involve spending 19.7 million euros on R&D by Altice Labs and will have a “quite significant impact on the company’s international sales volume, allowing it to achieve an accumulated turnover resulting from the project exceeding 585 million euros between 2024 and 2030”. Of this amount, 380 million euros will result from exports.