Reportedly, Google Inc. GOOGL partnered with the Sri Lankan government to launch its Project Loon across the country.
Project Loon utilizes high-altitude balloons to offer affordable Internet access to regions without Internet connectivity. These balloons, equipped with solar panels, can travel approximately 12.4 miles above the earth.
Using software algorithms, Project Loon establishes the balloons' intended destination depending on the wind. Last November, Google announced that up to 20 balloons can be launched per day under the project. Due to improvements to the autofill equipment, the balloons can now last up to 10 times longer in the stratosphere than they did in 2013. Many have even lasted for over 100 days.
With this partnership, Sri Lanka will become the first country to have complete Internet access using hot-air balloons, according to Mike Cassidy, VP and Project Leader of Google X Project Loon. Google X is a partially-secret facility of the company involved in major technological advancements.
Reportedly, the Internet giant has been working with telecom providers and governments across the world to expand this innovation globally. According to a report by The Times of India, recently Google was in talks with the Indian government to introduce Project Loon to rural and remote areas of the country.
Though there is no definite timeline when Project Loon will be launched in Sri Lanka, this initiative will get a big boost once completely deployed. The project offers a viable solution to enhance Internet connectivity globally. Since Google’s revenues and profits depend on the number of people accessing its Internet services, Project Loon is likely to be a long-term positive.
Google has a Zacks Rank #2 (Buy). Other Internet service providers that are worth a look are LendingClub LC, Healthstream Inc. HSTM and MeetMe MEET. While LendingClub and Healthstream sport a Zacks Rank #1 (Strong Buy), MeetMe has a Zacks Rank #2.
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