Aqua Comms, the operator of Ireland’s first dedicated subsea fibre-optic network interconnecting New York, Dublin and London, has secured an investment of $25 million in equity capital from the Ireland Strategic Investment Fund (ISIF).
Aqua Comms said it will use the funds to further accelerate customer growth on its existing networks as well as exploratory works on planned new routes.
In addition, ISIF has advised of its interest, subject to certain conditions being met, in funding up to a further $25 million of equity capital alongside a similar amount from co-investment partner Cartesian Capital Group to accelerate the expansion of Aqua Comms’ planned new routes. Cartesian has previously invested $50 million in equity capital in the Aqua Comms business.
Aqua Comms currently operates a number of subsea fibre-optic networks. Recently-completed and declared “ready for service”, America-Europe Connect (AEConnect) is the newest transatlantic subsea cable system.
In addition, Aqua Comms also owns and operates CeltixConnect, a subsea fibre-optic network connecting Ireland to the United Kingdom across the Irish Sea.
Donal Murphy, head of infrastructure and credit investments at ISIF, added: “Aqua Comms’ subsea fibre-optic network is a critical piece of enabling infrastructure that will enhance Ireland’s ability to capitalize on its position as a data centre and connectivity hub and will benefit both multinational and indigenous companies. This is the ISIF’s first investment in a sector that we have identified as being entirely consistent with the connectivity strand of our investment strategy.”