According to press annoucement from Hibernia Atlantic on Jan. 5, 2011, Hibernia Atlantic has received a US$ 250 million 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 shortest trans-Atlantic submarine cable system.
“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.”
About Hibernia Atlantic:
Hibernia Atlantic is the only American-owned, diverse transatlantic high bandwidth connectivity provider. Hibernia is a subsidiary of Columbia Ventures Corporation (CVC) and owned by both CVC and Constellation Ventures Partners. It is a transatlantic submarine cable and terrestrial fiber network that offers over 100 redundant network Points of Presence (PoPs) throughout Canada, US, UK, and mainland Europe on over 24,000 kilometers of network. Hibernia provides secure and diverse dedicated Ethernet, DTM and optical-level service up to GigE, 10G and LanPhy wavelengths and traditional SONET/SDH services. In addition, Hibernia offers wholesale capacity prices, unparalleled support, flexibility and service. Hibernia Atlantic owns Hibernia Media, which operates in 20 European and North American markets and represents the largest, national, state-of-the-art optical switching and Dynamic Transport Mode (DTM) network. Hibernia Media offers a full range of services to customers who generate and manage multi-media content. For more information on Hibernia Atlantic’s cutting-edge network or to view their communication video, please visit www.hiberniaatlantic.com. For further information on Hibernia Media, please visit www.hiberniamedia.com.
About Hibernia Atlantic’s GFN:
Hibernia Atlantic’s Global Financial Network (GFN) is a financial exchange connectivity division of Hibernia Atlantic, the transatlantic, high-bandwidth, connectivity provider. Built on over 24,000 kilometers of network, GFN connects the world’s largest exchanges? datacenters to its direct participants through secure and diverse dedicated, high bandwidth, ultra low-latency Ethernet and optical-level service from 1-GigE, 10- GigE, LanPhy wavelengths and traditional SONET/SDH services. Utilizing the Hibernia Atlantic diverse and secure backbone, GFN offers world-leading broker dealers, hedge funds, market data providers and other financial firms over 100 Points of Presence (PoPs) into key capital market cities in the US, Canada, UK, France, Germany, Ireland, mainland Europe and the Pacific Rim. For more information, please visit www.hiberniagfn.com.
About Huawei Marine Networks:
Huawei Marine Networks Co., Limited is a joint venture established by Huawei Technologies Co., Ltd. and Global Marine Systems Limited. Based on the advantages of the two parent companies, Huawei Marine integrates the state-of-the-art technologies in telecommunications and the experiences of marine operation over 100 years, committing itself to the construction of global submarine cable communication networks. Huawei Marine provides highly reliable, cost-effective solutions and end-to-end services including project management, installation, and technical support for submarine cable system operators.