Gorilla and BroadSat Sign Partnership to Revolutionize the Future of Digital Connectivity

Rhea-AI Summary

Gorilla Technology Group (NASDAQ: GRRR) has signed a Letter of Intent with BroadSat Technologies to collaborate on Smart Cities and AI Cybersecurity solutions. The partnership aims to leverage the $42.45 billion Broadband Equity, Access, and Deployment (BEAD) Program to expand high-speed internet access across all 50 US states. The collaboration targets the $150 billion Smart Cities and cybersecurity markets in the US and EMEA regions, focusing on delivering connectivity solutions to underserved communities and advancing digital initiatives through combined expertise in AI and broadband technology.

Positive

• Access to $42.45 billion BEAD Program funding opportunity
• Expansion into $150 billion Smart Cities and cybersecurity markets
• Geographic expansion into US and EMEA markets

Negative

• None.

Insights

Market Research Analyst

The partnership with BroadSat positions Gorilla to tap into the $42.45 billion BEAD Program funding and the broader $150 billion Smart Cities market. While the LOI signals potential growth, several critical factors require attention:

• The agreement is preliminary (LOI stage) with no specific financial commitments or revenue projections
• Competition in the Smart Cities and cybersecurity sectors is intense, with numerous established players
• Implementation timelines and project-specific details are notably absent

Given Gorilla's current market cap of $50.5 million, successful execution of even a small portion of BEAD-funded projects could significantly impact their financials. However, the path from LOI to revenue generation remains uncertain and likely requires substantial time and resources.

- To deliver on Smart Connectivity and Cybersecurity solutions addressing critical needs in underserved communities.

- To accelerate strategic growth across the $150 billion Smart Cities and cybersecurity markets in the United States and EMEA.

Seattle, Washington--(Newsfile Corp. - November 25, 2024) - Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company") has signed a Letter of Intent (LOI) with BroadSat Technologies LLC, a Boston-based trailblazer in connectivity and innovation. This strategic partnership is set to drive transformative solutions in Smart Cities, AI Cybersecurity and Connectivity, as part of the Broadband Equity, Access, and Deployment (BEAD) Program.

This collaboration marks a significant milestone as Gorilla and BroadSat combine their expertise to advance critical digital initiatives in the United States and EMEA (Europe, Middle East and Africa). Together, the two companies will tackle smarter connectivity challenges, empower underserved communities and accelerate innovation in Smart Cities and broadband solutions.

Aby Alexander, President & CEO of BroadSat Technologies & Innovation Labs, added, "The Broadband Equity, Access, and Deployment (BEAD) Program, provides $42.45 billion to expand high-speed internet access by funding planning, infrastructure deployment and adoption programs in all 50 states. This collaboration brings together two forward-thinking companies united by a common purpose. By leveraging Gorilla's cutting-edge technology and BroadSat's expertise, we are poised to deliver transformative projects that redefine connectivity and elevate communities in key markets worldwide."

Jay Chandan, Chairman and CEO of Gorilla Technology Group, remarked, "This partnership with BroadSat Technologies is a major step forward in our shared vision of transforming the digital landscape. With BroadSat's exceptional leadership and market reach, we are not only advancing smart AI connectivity but also driving innovation across the U.S. and EMEA."

William Addison, Vice President for Growth at Gorilla Technology, said, "BroadSat is the perfect partner to expand our footprint in the U.S. and EMEA. This partnership is a testament to the power of collaboration in addressing critical connectivity challenges while fostering meaningful, technology-driven solutions."

This partnership underscores the commitment of Gorilla Technology and BroadSat Technologies to creating impactful projects that bridge the digital divide and deliver transformative solutions to communities globally.

About Gorilla Technology Group Inc.

Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including, Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies.

Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents.

For more information, please visit our website: Gorilla-Technology.com.

About BroadSat Technologies LLC

Headquartered in Boston, Massachusetts, BroadSat Technologies LLC is a leader in connectivity innovation, committed to bridging the digital divide and empowering communities through advanced broadband and technology solutions. With a mission to create equitable access to digital infrastructure, BroadSat focuses on transformative projects that enhance connectivity, drive economic growth and promote digital inclusion.

BroadSat specialises in delivering cutting-edge broadband solutions, including large-scale network deployments, rural connectivity initiatives and digital equity programs. By leveraging partnerships with industry leaders and integrating advanced technologies, BroadSat is at the forefront of enabling smarter, more connected communities across the United States and EMEA.

Forward-Looking Statements

This press release contains forward-looking statements, which are based on estimates, assumptions, and expectations. Actual results and performance could differ materially and adversely from those expressed or implied in forward-looking statements. Gorilla does not undertake any obligation to update any forward-looking statements, except as required by law.

Investor Relations Contact:

Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
GRRR@redchip.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231254

FAQ

What is the value of the BEAD Program that Gorilla Technology (GRRR) will target?

The Broadband Equity, Access, and Deployment (BEAD) Program provides $42.45 billion for high-speed internet access expansion across all 50 US states.

What markets will Gorilla Technology (GRRR) and BroadSat target in their partnership?

The partnership will target the $150 billion Smart Cities and cybersecurity markets in the United States and EMEA (Europe, Middle East and Africa) regions.

What is the purpose of Gorilla Technology's (GRRR) partnership with BroadSat?

The partnership aims to deliver Smart Connectivity and Cybersecurity solutions for underserved communities and advance digital initiatives in Smart Cities and broadband solutions.