Funding will accelerate expansion of connected
communications infrastructure and create resilient, sustainable
communities
TORONTO, Aug. 9, 2022
/PRNewswire/ - Today Ting Fiber, a subsidiary of global internet
services leader Tucows (NASDAQ: TCX) (TSX: TC), announced that it
has secured up to $200 million USD
in financing from Generate Capital—a leading sustainable
infrastructure investment and operating platform. Generate's
investment will accelerate Ting's deployment of next-generation
communications infrastructure to municipalities across the United States looking for integrated
digital and resilient energy solutions.
Both Ting and Generate are committed to building and operating
infrastructure that supports resilient and decarbonized
communities. Ting has changed the way its customers feel about
their internet service provider and Generate's one-stop-shop
business model is accelerating the adoption of sustainable smart
cities solutions. The companies believe that their shared vision
and collective expertise will expedite the roll-out of Ting fiber
networks in the years ahead, connecting more residents and
businesses to fiber, faster.
"We chose Generate because we wanted more than just a financing
partner. We wanted their project management expertise,
sustainability expertise and the wide range of capital solutions
they offer——all of which will help Ting as we continue to rapidly
scale our operations," said Elliot
Noss, CEO of Tucows and Ting. "But most importantly, we
respect and trust the team at Generate and look forward to working
together for years to come."
Signed on August 8, 2022, this
financing agreement provides Ting preferred equity of up to
$200 million USD with no warrants
attached, and with $60 million USD
funded on close. The subsequent $140 million
USD will be advanced as Ting achieves predetermined
operational milestones.
With Generate's support, Ting will accelerate its network
deployment and is poised to take full advantage of the
coax-to-fiber transition opportunity across the United States.
"Generate is committed to bringing sustainable resources to
communities and we are thrilled to work with a mission-aligned
partner like Ting," said Andrew
Marino, Senior Managing Director at Generate. "Ting brings
expertise highly complementary to Generate's sustainable
infrastructure know-how, and we look forward to deploying smart
cities solutions with them to drive resource efficiency for
municipalities over the long term."
Since launching in 2014, Ting has focused on strategically
expanding its footprint, developing a successful customer
acquisition and retention playbook, and has structured its
operations for scale. Today Ting has a presence in 15 markets
nationwide, with operations in Arizona, California, Colorado, Idaho, Maryland, North
Carolina and Virginia.
With this preferred equity financing, Tucows has reorganized its
existing credit facility to exclude Ting and its subsidiaries from
the security package and group of borrowers. More information on
this financing announcement can also be found in the company's Form
10-Q, which will be filed Tuesday, August 9,
2022.
For more information about Tucows, its businesses or operations,
please visit tucows.com. To learn more about Generate and its
sustainable infrastructure services, please visit
generatecapital.com.
About Ting Internet
Ting Internet provides Crazy Fast Fiber Internet® in select U.S.
towns and cities. Ting Internet is committed to net neutrality and
the open internet. More than that, Ting Internet is committed to
being a part of improving the communities it serves by supporting
and championing local good works. Ting Internet sponsors local
programs, events, foundations, festivals, charities, and public
services everywhere we go, investing in the future of the towns we
serve.
About Tucows
Tucows helps connect more people to the benefit of internet
access through communications service technology, domain services,
and fiber-optic internet infrastructure.
Ting (https://ting.com) delivers fixed fiber Internet
access with outstanding customer support.
Wavelo (http://wavelo.com) is a telecommunications software
suite for service providers that simplifies the management of
mobile and internet network access; provisioning, billing and
subscription; developer tools; and more. Tucows
Domains (https://tucowsdomains.com) manages approximately 25
million domain names and millions of value-added services through a
global reseller network of over 35,000 web hosts and ISPs. More
information can be found on Tucows' corporate website
(https://tucows.com).
Tucows, Ting, Wavelo, and Hover are registered trademarks of
Tucows Inc. or its subsidiaries.
About Generate
Generate Capital, PBC is a leading
sustainable infrastructure company driving the infrastructure
revolution. Generate builds, owns, operates and finances solutions
for clean energy, transportation, water, waste and digital
infrastructure. Founded in 2014, Generate partners with over 40
technology and project developers and owns and operates more than
2,000 assets globally. Generate is the one-stop shop offering
pioneers of the infrastructure revolution tailored funding and
support needed to get projects built. Our
Infrastructure-as-a-Service model delivers affordable, reliable and
sustainable resources to thousands of customers, companies,
communities, school districts and universities. Together, we are
rebuilding the world. For more information, please visit
www.generatecapital.com.
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SOURCE Tucows Inc.