Loan applications for the project were submitted to the Export-Import Bank (Ex-IM) for the substantial funding required to complete its construction.
Ex-IM indicated that it is prepared to commit resources leading to the consideration of a financial commitment, subject to certain conditions.
"This achievement places Emerald Networks as a global leader in the forefront of the telecommunications industry and having completed this milestone provides an attractive opportunity for future investors", said William Marra, CEO of Emerald Networks.
Emerald has a turn-key supply contract with TE SubCom for the build which is claimed to be the most advanced generation undersea telecoms network ever constructed, offering low latency and digital coherent technology.
Phase one of the project, which will connect Shirley, New York to a cable landing station in Belmullet, Ireland with a branch to Grindavik, Iceland, is expected to be completed by mid-2014.
The second phase of the project will see the cable land in southern Europe, most likely at Lisbon, Portugal and is expected to be ready “shortly thereafter”.
Earlier this month Emerald announced that AT&T would provide facilities and operational support for terminating Emerald Express at the former TAT12/13 cable station in New York.
The 5,200km Emerald Express project was announced in December 2011 and is expected to offer a latency of less than 62 milliseconds in a round trip.
