Hibernia Atlantic announces today that it has received a 250 Million $USD financing commitment for Project Express, the lowest latency fiber optic cable system connecting the greater New York City area with London from one of its vendors, Huawei Marine Networks Co., Ltd. This transatlantic cable will be the first build of its kind in over ten years and will offer financial clients of Hibernia's Global Financial Network (GFN), such as traders, global banks and exchanges, connectivity with sub 60 milliseconds latency. Once completed, Project Express will be the fastest route across the Atlantic Ocean.
"We are proud to be part of this historic cable build across the Atlantic," states Nigel Bayliff, Chief Executive Officer of Huawei Marine Networks. "Now more than ever, low latency routes are in high-demand, as critical financial transactions need high capacity, fast speeds, and a secure and reliable environment to transport from one key financial city or exchange to the next. Hibernia Atlantic's GFN has already proven its value for financial networks and now with the Project Express construction underway, the company will soon offer the fastest route across the Atlantic."
"The new Project Express transatlantic cable, which connects London to New York and New Jersey metro, will extend Hibernia's lowest latency connections to the larger Hibernia GFN network," continues Bjarni Thorvardarson, CEO of Hibernia Atlantic. "Once the Express fiber construction is deployed and optimized, the speed in which it takes to reach key financial cities such as Chicago, Toronto and Frankfurt will also be faster. Additionally, to ensure a flexible and state-of-the-art submarine network build, Express will be lit with 40G technology which can then be upgraded to 100G as need demands."
"We are excited to begin construction on Project Express," states Mike Saunders, Vice President of Business Development for Hibernia Atlantic. "The first phase includes constructing a new cable from the County of Somerset in the UK to Halifax in Canada which will then connect to Hibernia's current, low latency cable from Halifax to New York. We will also build with future expansion in mind, including branching units for additional latency enhancements to the United States and continental Europe."
This new build is expected to be complete in the summer of 2012. Hibernia Atlantic has already secured its first new customers on the cable.