Companies Invest to Expand Broadband Connectivity
(See full press release here: https://www.wvpa.com/ifn-announces-13m-capital-raise-partnership-with-wvpa/)
Intelligent Fiber Network (IFN), a leader among Indiana’s commercial fiber broadband providers, has announced that it has raised nearly $13 million in equity investment funding from its existing independent local exchange company owners and one new owner: Wabash Valley Power (WVPA). Wabash Valley Power, according to reports, is a wholesale power generation and transmission cooperative serving multiple electric co-ops in Indiana, including Noble REMC. The poles used to distribute electricity may, in some cases, also accommodate fiber for the expansion of broadband services.
The recent investments and partnerships will help position IFN to continue expanding and deepening its high-speed fiber network – giving the company access to new customers and extending fiber to new areas – while also making investments in network upgrades to ensure reliability, stability and scalability for the future.
WVPA’s investment will allow its member organizations to work with IFN in monetizing their own local fiber deployment and provides IFN with a gateway to multi-state expansion. The two organizations already have teams working together to further explore how they can create value for IFN’s member-owners in the telecom industry and WVPA’s membership.
In addition to WVPA, the following member-owners of IFN also contributed capital to this raise: Heartland Innovations, Inc. (Ligonier, IN), Rochester Telephone Company (Rochester, IN), LightStream (Buffalo, IN), Monon Telephone Company (Monon, IN), Citizens Telephone Corporation (Warren, IN), NineStar Connect (Greenfield, IN), and Enhanced Telecommunications (Sunman, IN).
In 2018, IFN announced a plan to invest up to $100 million over the next five years in Indiana, as well as a multi-year, multi-million-dollar network upgrade across the state. The upgrades and investments increase capacity, improve stability, and add operational and network efficiency; all of which are geared toward enhancing customers’ service experience. The second phase of this upgrade project began in the first quarter of 2019.