Ericsson and the Government of Canada to invest more than CAD 470 million in R&D centres - Telefonaktiebolaget L M (NASDAQ:ERIC)

Canadian Prime Minister Justin Trudeau, Minister of Innovation, Science and Industry, François-Philippe Champagne, attend Ottawa announcement alongside Ericsson President and CEO, Börje Ekholm
Scope of the program is expected to create and upskill hundreds of jobs over the next five years at Ericsson's Ottawa and Montreal R&D centres
Research to focus on 5G Advanced, 6G, Cloud RAN, Core Networks, Quantum Computing, and AI for mobile networks

OTTAWA, ON, April 17, 2023 /CNW/ -- A five-year R&D partnership valued at more than CAD 470 million between Ericsson and the Government of Canada is set to put the country at the forefront of global development in next-generation communications technologies. The investment, at Ericsson's Ottawa, Ontario and Montreal, Quebec facilities, is expected to create and upskill hundreds of jobs - strengthening the sites as global leaders in 5G Advanced, 6G, AI, Cloud RAN, and Core Network technologies.

The investment will also support the expansion of research facilities and staff support for quantum computing at Ericsson's recently established Quantum Research hub in Montreal.

The Rt. Hon. Justin Trudeau, Prime Minister of Canada, says: "Today's announcement is further evidence that Canadian workers have the talent the world needs to develop faster and more secure internet connection and other wireless services. As we continue to support innovation, we are creating good jobs, strengthening the middle class, and ensuring Canada remains a global leader in technology."

Börje Ekholm, President and CEO, Ericsson, says: "We are already seeing the benefits of next-generation technologies such as 5G and AI, yet we are still in the early days of their potential to transform our work, leisure, and social lives. Ericsson's R&D investment partnership with the Canadian government, supported by world-class talent in Ottawa and Montreal, will boost innovation and ultimately help to improve the lives of millions of people. We are determined to lead our industry through continued R&D investment."

The Hon. François-Philippe Champagne, Canada's Minister of Innovation, Science and Industry, says: "Canadians deserve strong, secure, and reliable wireless networks and services. By investing in Ericsson Canada, our government continues to support and strengthen the 5G networks of today and 6G networks of the future. The partnership also further solidifies Canada as a global leader in next-generation networks and creates more well-paying jobs."

Jeanette Irekvist, President of Ericsson Canada, says: "Ericsson is proudly commemorating 70 years of innovation and operations in Canada this year. Today, we demonstrate our continued commitment to Canada with this high-tech R&D investment announcement. The benefits of this project will strengthen Canada's technology expertise that is second-to-none, will bolster Ericsson's world-class R&D centres, and is a testament to the concentration of talent here in the Ottawa-area and in Montreal."

Mark Sutcliffe, Mayor, City of Ottawa, says: "I am excited about Ericsson's new investment in its Ottawa R&D centre, perfectly suited for a city deeply rooted in innovative technologies and the experts that create them. Supporting Research and Development centres like this helps to make our economy stronger. When we invest in research and innovation, we invest in the success of our residents and the modernization of our city."

The new investment will also enable Ericsson Canada to onboard up to 60 additional interns per year - 300 across the five-year timeline - to boost ongoing academic partnerships. Most of these students will be based in the Montreal and Ottawa R&D centres.

Already Ericsson's key North American R&D facility, the Ottawa site occupies 25,000 sq m – of which more than 4,300 sq m is solely dedicated to lab operations, including the recently established Ericsson Open Lab.

70 Years of Connecting Canadians

Ericsson Canada has played a vital role in the country's innovation ecosystem for 70 years, including supporting communications service providers through every generation of mobile communication. Ericsson Canada is also a partner in the national ecosystem network aimed at fostering 5G adoption and collaboration in Canada. Ericsson Canada has R&D centres and offices in Montreal, Ottawa and Toronto and is among the leading R&D spenders in the country – averaging some CAD 345 million per year.

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ABOUT ERICSSON:
Ericsson enables communications service providers and enterprises to capture the full value of connectivity. The company's portfolio spans the following business areas: Networks, Cloud Software and Services, Enterprise Wireless Solutions, Global Communications Platform, and Technologies and New Businesses. It is designed to help our customers go digital, increase efficiency and find new revenue streams. Ericsson's innovation investments have delivered the benefits of mobility and mobile broadband to billions of people globally. Ericsson stock is listed on Nasdaq Stockholm and on Nasdaq New York. www.ericsson.com

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