Netomnia, a UK-based alternative network provider, recently secured an additional £25 million loan from the National Wealth Fund (NWF). This financial boost aims to accelerate the rollout of full fiber connections across the country. This latest injection brings the total backing by NWF to £100 million, following a previous £75 million debt commitment in March last year.
This funding is already making an impact. Netomnia has connected 100,000 additional homes, out of which around 10,000 households have subscribed to their services. Jeremy Chelot, CEO at Netomnia and Group, noted, “This additional £25 million investment from NWF is a powerful vote of confidence in Netomnia’s vision and execution. It will significantly accelerate our ability to deliver fast, reliable broadband to more homes and businesses across the UK, particularly in underserved communities.”
Meanwhile, Netomnia is in the process of merging with Brsk, another altnet provider. This merger aims to integrate their networks, currently reaching 1.82 million premises with fiber-to-the-premises (FTTP) solutions, and serving 190,000 customers. The merged entity plans an aggressive expansion. They intend to cover 3 million premises by 2025, targeting 1 million customers by 2028.
The National Wealth Fund supports this rollout initiative, aligning with government efforts to enhance broadband infrastructure, especially in rural areas. Stuart Nivison, the NWF’s Head of Portfolio Management, stated, “This investment will directly support improvements in areas that would otherwise miss out on the opportunities fast, reliable broadband affords, and so we’re pleased to extend our support to Netomnia as an existing client of the National Wealth Fund.”
This latest investment, aligns with the NWF’s restructuring into a more critical role under the UK’s new Labour government. The revamped NWF will now target broader industrial strategies. With an expanded remit and increased funding of up to £27.8 billion, the NWF will support private sector initiatives crucial for the UK’s economic progress.
