Tech brands Nokia and Apple have signed a refreshed long-term patent cross-license agreement to replace the current license agreement signed in 2017. The previous agreement will elapse at the end of 2023. Nokia made the announcement and stated that the new agreement will cover Nokia’s inventions in 5G technology and other important patents.

Although the finer details of the new license agreement are sketchy, Nokia said it will receive payments from Apple for a multi-year period starting from January 2024. The financial implication of the agreement has already been factored into the company’s current financial outlook.

Nokia said it is delighted to have concluded the long-term patent license agreement with Apple on an amicable basis. The Finnish company says the agreement reflects the strength of Nokia’s patent portfolio and decades of investment in R&D. It also highlights Nokia’s contributions to cellular standards and other technologies over the years.

Nokia has had a long tradition of massive investment in R&D with more than €140 billion ($ billion) ploughed since 2000. The investments have yielded a huge trove of 20,000 patent families. Nokia is the leading brand in terms of 5G-related patents which currently stands at 5,500.

Apple hopes to leverage the excellent technological offerings of the patents on its forthcoming products. These technologies will be deployed in the entire raft of Apple devices that require 5G and other Nokia-engineered patent approval for their deployment and use in devices.

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