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Hibernia Atlantic secures financing for ambitious Project Express initiative

Hibernia Atlantic announced today it has received a US$250 million financing commitment for Project Express, a low latency fiber optic cable system connecting the greater New York City area with London, from one of its vendors, Huawei Marine...


January 5, 2011  


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Hibernia Atlantic announced today it has received a US$250 million financing commitment for Project Express, a low latency fiber optic cable system connecting the greater New York City area with London, from one of its vendors, Huawei Marine Networks Co., Ltd. 

The transatlantic cable will be the first build of its kind in over 10 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.

 “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,” said Nigel Bayliff, CEO of Huawei.  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.”

Bjarni Thorvardarson, CEO of Hibernia Atlantic, said that once the Express fiber construction is deployed and optimized, the speed in which it takes to reach key financial cities such as Toronto, Chicago and Frankfurt will also be faster. 

He added that the system will be lit with 40G technology, which can then be upgraded to 100G as need demands.

The first phase includes constructing a new cable from Somerset in the UK to Halifax, which will then connect to Hibernia’s current, low latency cable from Halifax to New York.

The new build is expected to be completed by the summer of 2012.