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Stacked InAs/InGaAs quantum dots are used as an active media of metamorphic InGaAs-InGaAlAs lasers grown on GaAs substrates by molecular beam epitaxy. High quantum efficiency (ηi>60%) and low internal losses (α<3-4 cm-1) are realised. The transparency current density per single QD layer is estimated as ∼70 A/cm2 and the characteristic temperature is 60 K (20-85°C). The emission wavelength exceeds 1.51 μm at temperatures above 60°C.