Archtop Fiber, which is based in Kingston and has been expanding its fiber optic cable network in the Hudson Valley and other parts of the Northeast has arranged to have access to nearly $200 million in new funding to support its expansion activities.
The money comes from a new credit facility arranged in conjunction with Chicago-based Monroe Capital.
“We are thrilled to secure this substantial source of funding, which will accelerate our ability to scale and reach new markets,” said Jeff DeMond, Archtop’s chairman and CEO. “This partnership with Monroe represents a strong vote of confidence in our business strategy and growth potential.”
Archtop plans to soon start offering very-high-speed 5 and 8 gigabits per second internet service. One gigabit internet service allows the transfer of up to one billion bits of information per second.
Since early last year, Archtop has launched service in Kingston, Saugerties, Rhinebeck, Hudson, Warwick, and Woodstock in New York and in Vernon, New Jersey. It plans to begin service soon in Catskill, Red Hook, and Tivoli in New York and the Berkshires of Massachusetts including the City of Pittsfield.
In addition to its private funding, Archtop stands to benefit from public financing via a $29.9 million grant to Sullivan County. Archtop has signed a Memorandum of understanding with the county to expand its fiber optic footprint there. The county’s emergency communication towers also will be connected to Archtop’s system, with the goal of offering wireless broadband service to areas that otherwise would be significantly difficult or expensive to reach with fiber. It’s estimated that 22,000 Sullivan County residences and business would be served by the fiber optic cable rollout.
Archtop also stands to benefit from part of $10.4 million in state grants that will be awarded by Massachusetts to improve internet access and operating speeds.
