The $48 Million capital investment will fund the continued growth of the UTOPIA Fiber network
MURRAY, Utah, November 21, 2019 - The Utah Infrastructure Agency has just completed its latest round of funding that will infuse the UTOPIA/UIA network with $48 million for the expansion of its network. UIA is a sister agency to UTOPIA Fiber. Although legally separate entities, UTOPIA and UIA functionally operate as one integrated system and both are marketed as UTOPIA Fiber, the country's largest open-access fiber optic network.
The synergy provided by UIA’s partnership with UTOPIA Fiber allows both organizations to provide their citizens with a state-of-the-art broadband network. The majority of UTOPIA’s growth since 2009 has been due to their partnership with UIA. UIA has secured this funding in partnership with financial advisors Lewis Young Robertson & Burningham, Inc., KeyBanc Capital Markets Inc., a senior managing underwriter, and Gilmore & Bell, bond and disclosure counsel.
“We have the best partners in the business who have worked relentlessly over the past few months to get us to this point,” said Roger Timmerman, Executive Director of UTOPIA Fiber. “The demand for municipally-owned fiber has skyrocketed and we are excited to be a leader in the industry. Over the past four years, UTOPIA Fiber has doubled the number of subscribers on its fiber network and has entered into partnerships with several additional communities.”
UTOPIA Fiber provides business services in over 50 cities and has fiber-to-the-home networks in 14. They are an operational partner with Idaho Falls Fiber, who recently voted to extend their high-speed fiber network to their entire city. As the largest open-access fiber network in the country, UTOPIA Fiber is available to over 100,000 homes and businesses. They are also the fastest and highest rated Internet option in the state of Utah.
This round of funding is the fourth and largest that UIA has closed on within the last year, following financings for projects in Morgan City ($2.6M), West Point ($7.2M), and Payson ($3.5M). The UTOPIA Fiber network continues to bring competitive services from various ISP partners at the fastest speeds and best value.
UTOPIA Fiber’s open-access model ensures that communities have access to a free and open Internet without throttling, paid prioritization, or other provider interference. Participating cities also benefit from various smart-city applications that are enabled by the UTOPIA Fiber network. This includes air-quality monitoring, smart water and energy management, public WiFi, and many other smart-city applications. UTOPIA Fiber believes the future of open-access, municipally-owned broadband is bright, and are excited to be at the forefront of that movement.
About UTOPIA Fiber
The Utah Telecommunication Open Infrastructure Agency (UTOPIA) is a community-owned fiber optic network utilizing light to transfer information, making it the fastest communication and data transfer technology in use today. Created by a group of Utah cities, UTOPIA Fiber supports open-access and promotes competition in all telecommunication services. For more information, contact Kim McKinley, Chief Marketing Officer, UTOPIA Fiber.
- Breakfast Media Minute: July 7, 2020
- Supreme Court Upholds Act Banning Robocalls For Debt Collectors and Political Consultants
- Global Divisions Over 5G, Zuckerberg Says Advertisers Will Return, Lifeline Program Underutilized
- Content Moderation Experts Discuss Future of Section 230 in Broadband Breakfast Live Online Event
- Breakfast Media Minute: July 6, 2020
Signup for Broadband Breakfast
Fiber1 month ago
Fiber Networks Hold a Cybersecurity Advantage Over Rival Co-Axial and Wireless Technologies, Say Panelists
Congress1 month ago
Senators Introduce Healthcare Broadband Bill as House Companion, Proposes $2 Billion Telehealth Expansion
Artificial Intelligence3 weeks ago
Brookings Panelists Emphasize Importance of Addressing Biases in Artificial Intelligence Technology
Congress1 month ago
Partisan Disagreement Delays Broadband Funding That Might Come Through HEROES Act
#broadbandlive3 weeks ago
Broadband Breakfast Live Online on Wednesday, June 17, 2020 – Federal Broadband Funds and Opportunity Zones
Expert Opinion1 month ago
Gary Bolton: Under the Stress of COVID-19, the Networks That Held Fast Were Symmetrical Fiber Broadband
Broadband Roundup7 days ago
Artificial Intelligence Task Force, State Cybersecurity, ADTRAN Offers Rural Funding Guidance
Artificial Intelligence6 days ago
U.S. State Department Employing Artificial Intelligence Against COVID-19 Misinformation