TAMPA, Fla. — Europe’s investment arm is lending Luxembourg-based OQ Technology 25 million euros ($30 million) to expand its direct-to-device constellation, bolstering the continent’s push to compete with U.S.-led efforts to connect smartphones from space.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...