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Nokia Spending $340 Million To Expand Ottawa R&D Centre

Finnish telecommunications giant Nokia (NOK) is spending $340 million to expand its Ottawa-
based research and development (R&D) centre.

In a news release, Nokia said the expansion will improve its capabilities in 5G wireless internet,
cybersecurity, artificial intelligence, and machine learning.

The investment and expansion is expected to create 340 new jobs in the nation’s capital,
bringing the company’s total workforce in the Ottawa area to 2,160 employees.

Nokia plans to start construction on the facility expansion next year and have it open in 2026.

The expanded research and development centre in Ottawa will feature sustainable technologies
such as water-side heat recovery, air-side heat and energy recovery, and rainwater harvesting.

So far this year, Nokia’s stock is down 27% at $4.58 U.S. per share.