An optical modulator is described. This optical modulator may be implemented using silicon-on-insulator (SOI) technology. In particular, a semiconductor layer in an SOI platform may include a photonic crystal having a group velocity of light that is less than that of the semiconductor layer. Moreover, an optical modulator (such as a Mach-Zehnder interferometer) may be implemented in the photonic crystal with a vertical junction in the semiconductor layer. During operation of the optical modulator, an input optical signal may be split into two different optical signals that feed two optical waveguides, and then subsequently combined into an output optical signal. Furthermore, during operation, time-varying bias voltages may be applied across the vertical junction in the optical modulator using contacts defined along a lateral direction of the optical modulator.