Benzinga | Oct 26, 2021 05:27PM EDT

Verizon, Amazon's Project Kuiper Collaborate To Develop Connectivity Solutions

* Verizon Communications Inc (NYSE:VZ) and Project Kuiper, an advanced low Earth orbit (LEO) satellite network from Amazon.com Inc (NASDAQ:AMZN), collaborated to develop connectivity solutions for unserved and underserved communities.

* Project Kuiper and Verizon have begun developing technical specifications and defining preliminary commercial models for a range of connectivity services for U.S. consumers and global enterprise customers operating in rural and remote locations worldwide.

* Project Kuiper aims to increase global broadband access through a constellation of 3,236 satellites in low Earth orbit (LEO) around the planet.

* Today's announcement will help us explore ways to bridge that divide and accelerate the benefits and innovation of wireless connectivity, helping benefit our customers on both a global and local scale, Verizon Chair and CEO Hans Vestberg said.

* Price Action: AMZN shares closed higher by 1.68% at $3,376.07 on Tuesday.