Frontier Receives Grants to Expand Access to High-Speed Fiber Internet in Connecticut

Rhea-AI Summary

Frontier (NASDAQ: FYBR) has been awarded seven ConneCTed Communities grants from the Connecticut Department of Energy and Environmental Protection to expand high-speed fiber internet access across the state. The funding, sourced from Connecticut's portion of the American Rescue Plan Act (ARPA) Capital Project Fund, will enable Frontier to connect more unserved and underserved communities to its fiber network.

In the past three years, Frontier has already provided fiber internet access to over 1 million homes and businesses in Connecticut. This additional investment will further boost economic and educational opportunities for residents. The expansion aligns with Governor Ned Lamont's vision to strengthen Connecticut's towns and cities through improved broadband infrastructure.

Positive

• Received seven ConneCTed Communities grants to expand fiber internet access
• Delivered fiber internet to over 1 million homes and businesses in Connecticut in the past three years
• Additional funding to connect more unserved and underserved communities
• Alignment with state government's vision for improved broadband infrastructure

Negative

• None.

Insights

Telecommunications Infrastructure Analyst

The ConneCTed Communities grants awarded to Frontier represent a significant boost to Connecticut's digital infrastructure. This public-private partnership leverages ARPA funds to address the digital divide in unserved and underserved areas. Frontier's existing fiber network reaching over 1 million homes and businesses in Connecticut provides a strong foundation for this expansion. The grants will likely accelerate Frontier's fiber deployment, potentially improving its competitive position in the state. For investors, this development signals potential revenue growth and market share expansion in Connecticut. However, the impact on Frontier's overall financial performance may be , given the company's broader national footprint. The project aligns with the industry trend of government support for broadband expansion, which could lead to similar opportunities in other states for Frontier and its competitors.

Economic Development Specialist

The expansion of high-speed fiber internet in Connecticut through these grants has significant economic implications. Improved connectivity can attract businesses, support remote work and enhance educational opportunities, potentially leading to job creation and economic growth in the targeted areas. For Frontier, this translates to a more extensive customer base and potential for increased average revenue per user (ARPU) as businesses and residents adopt higher-tier internet services. The partnership with local governments, as evidenced by the Sharon First Selectman's statement, suggests strong community support, which could facilitate smoother implementation and customer adoption. Investors should consider the long-term economic benefits of such infrastructure investments, which often yield returns beyond the immediate project scope. However, the full economic impact and return on investment may take time to materialize, requiring a patient investment outlook.

Company will bring fast, reliable connectivity to unserved and underserved homes and businesses across the state

DALLAS--(BUSINESS WIRE)-- Frontier (NASDAQ: FYBR):

What happened? Frontier received seven ConneCTed Communities grants from the Connecticut Department of Energy and Environmental Protection to expand access to high-speed, reliable fiber internet across Connecticut. The funding comes from Connecticut’s portion of American Rescue Plan Act (ARPA) Capital Project Fund.

Why it matters: In the past three years, we have delivered fiber internet access to over 1 million homes and businesses in Connecticut. This investment from the Connecticut Department of Energy and Environmental Protection further strengthens our commitment to connecting unserved and underserved communities to our high-speed fiber internet. With these grants, we will bring fast, reliable connectivity to more homes and businesses in Connecticut, boosting economic and educational opportunities for residents across the state.

Handy quote: "We are honored to receive seven ConneCTed Communities grants from the Connecticut Department of Energy and Environmental Protection, supporting our efforts to expand access to high-speed fiber internet across the state. This investment reflects our ongoing commitment to enhancing Connecticut's digital infrastructure, with our network now reaching over 1 million homes and businesses,” said Vishal Dixit, Chief Strategy Officer. “We are excited to work with our state and local partners to ensure more Connecticut residents and businesses can benefit from reliable, high-speed fiber internet."

Why is this important for Connecticut?

“The expansion of broadband infrastructure will make Connecticut’s towns and cities stronger, more resilient and better positioned to engage in today’s increasingly digitized world,” Connecticut Governor Ned Lamont said in his press release. “Awarding these funds is a critical step in the crucial push to make broadband more widely available.”

"Frontier’s partnership with the State of Connecticut will allow us to expand high-speed fiber internet access that will fuel economic development and enhance quality of life for our residents. It's another important step forward to make sure that our local businesses, students and families have the reliable internet service they need to thrive," said Casey Flannagan, First Selectman of Sharon, Connecticut, one of the communities where the grant funding will make an impact.

About Frontier
Frontier is the largest pure-play fiber provider in the U.S. Driven by our purpose, Building Gigabit America®, we deliver blazing-fast broadband connectivity that unlocks the potential of millions of consumers and businesses. For more information, visit www.frontier.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241018408640/en/

Media

Chrissy Murray

VP, Corporate Communications

chrissy.murray@ftr.com

Source: Frontier Communications Parent, Inc.

FAQ

How many ConneCTed Communities grants did Frontier (FYBR) receive for fiber internet expansion in Connecticut?

Frontier (FYBR) received seven ConneCTed Communities grants from the Connecticut Department of Energy and Environmental Protection to expand high-speed fiber internet access across the state.

How many homes and businesses has Frontier (FYBR) connected to fiber internet in Connecticut over the past three years?

In the past three years, Frontier (FYBR) has delivered fiber internet access to over 1 million homes and businesses in Connecticut.

What is the source of funding for the ConneCTed Communities grants received by Frontier (FYBR)?

The funding for the ConneCTed Communities grants comes from Connecticut's portion of the American Rescue Plan Act (ARPA) Capital Project Fund.

How will the ConneCTed Communities grants benefit Frontier (FYBR) and Connecticut residents?

The grants will allow Frontier (FYBR) to expand high-speed fiber internet access to more unserved and underserved communities in Connecticut, boosting economic and educational opportunities for residents across the state.