Arctic Slope Regional Corporation Makes Investment in Quintillion Holdings, LLC
Move is important step in bringing high speed Broadband to the North Slope
ASRC has made a significant investment in Quintillion Holdings, LLC (QH) and now holds a minority interest in the Anchorage-based telecommunications company. Quintillion and its affiliates are currently involved in building terrestrial as well as subsea fiber optic networks to serve Alaska’s North Slope.
“We consider high speed Broadband critical and necessary infrastructure in the Arctic. Without it, our region cannot live up to its potential,” said Rex A. Rock Sr., ASRC president and CEO. “This investment allows the communities of the North Slope to get one step closer to fiber-optic broadband – a critical need when it comes to emergency response and public safety, economic development, as well as health care and education.”
Those living in rural Alaska communities pay close to the highest Internet and bandwidth costs in the entire world. This is especially true for those who call the North Slope home. A recent study found that Barrow residents paid more than seven times the cost of those in San Francisco for satellite-based Internet speed that is considerably slower.
The main factor affecting the cost of service in remote Alaska is the expense of operating existing satellite and microwave communication systems. Both are dated technologies that have a very high cost of operation. The operating cost for fiber-optic cable is much lower.
Quintillion has begun construction of its Subsea Cable System, which will extend from Prudhoe Bay to Nome with landings in the communities of Barrow, Wainwright, Point Hope and Kotzebue. The system is planned to eventually link Europe and Asia with a fiber-optic broadband cable running along the floor of the Arctic Ocean. A land-based Alaska component of a sister project includes installation of a fiber-optic cable along the Dalton Highway between Fairbanks and Prudhoe Bay.
Arctic Slope Regional Corporation is owned by and represents the business interests of the Arctic Slope Iñupiat. Since opening enrollment in 1989 to Alaska Natives born after 1971, the corporation’s shareholder base has nearly tripled, growing from the 3,700 original enrollees to approximately 13,000 today. Corporate headquarters are based in Barrow, Alaska, with administrative and subsidiary offices located in Anchorage and throughout the United States. ASRC, along with its family of companies, is the largest Alaskan-owned company, employing approximately 10,000 people worldwide. The company has six major business segments: petroleum refining and marketing, energy support services, industrial services, construction, government services and resource development.
Quintillion is a privately owned communications company. Headquartered in Anchorage, Alaska, Quintillion builds, owns and operates fiber optic cable networks to serve the telecommunications industry.