The cable will be operational from 2020, the European Commission said, adding that it would “provide reliable high-capacity connectivity to boost scientific and cultural exchanges as well as business.”
Construction of the cable will start in the coming months, as soon as the contract begins.
“This transatlantic link will provide researchers and companies with an essential facility for the development of the data economy,” the statement released by the European Commission reads.
“It will significantly strengthen the links between research and education networks in the two continents, enabling new collaborative activities.”
The commission said it would invest €26.5 million, with funding from Horizon 2020, the Copernicus programme and the regional Development Cooperation Instrument, alongside the group of public stakeholders.