Tuesday, January 4, 2011

Hibernia Secures $250 Million for "Project Express" Cable

Hibernia Atlantic announced a $250 million financing commitment for its Project Express, a new, low-latency fiber optic cable system connecting the greater New York City area with London. The new build is expected to be complete in the summer of 2012. Hibernia Atlantic has already secured its first new customers on the cable.

The new funding came Huawei Marine Networks Co., which is one of the vendors for the project.

"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."http://www.hiberniaatlantic.com

  • In December 2008, Huawei Technologies and Global Marine Systems Limited launched a joint venture company to pursue the market for undersea fiber optic cable systems. Huawei Marine Networks is headquartered in Tianjin with R&D institutes and manufacturing bases in Beijing, Shenzhen, and the United Kingdom.