LightSquared just got an $850 million bailout to build its 4G network, and venture, started by Phillip Falcone, isn’t wasting any time. The broadband and satellite network is teaming with Nokia, which will be manufacturing phones to work on LightSquared’s service, writes Bloomberg.

Nokia will be providing “branded, data-centric” products on LightSquared’s 4G network, with hopes to compete against Sprint, Verizon and others already in the same market. LightSquared will be selling capacity on its 4G network, to consumer electronics companies and retailers, offering a data alternative to what wireless service providers have already standardized and tiered.

Not many other details were offered about LightSquared’s goals around this one, but it certainly is an opportunity to take a big shot at its second go around here. As wireless service providers reveal more ways in which networks can be utilized in a cost-effecient manner for consumers, the competition within the market, driven in part by cloud-based applications, will only intensify. T-Mobile, for instance, is offering Wi-Fi calls, which offers some freedom from that whole “minutes” concept in many regards.

For Nokia, it’s also an opportunity to show off a bit. The large handset maker has had some missteps in recent months, losing footing in the mobile market as well as the executive table. Adding another network partner means more distribution opportunities for an array of devices, which are becoming quite niche in their usability and marketing appeal for consumers.