Crypto Mining Power Management Firm Lancium Raises $150M

Clean energy provider Hanwha Solutions led the financing and was among several strategic investors participating in the round.

By Aoyon Ashraf

Nov 24, 2021 at 4:08 p.m. UTC

Updated Dec 11, 2022 at 1:53 p.m. UTC

Crypto mining machines (Christinne Muschi/Bloomberg via Getty Images)

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Follow @@Aoyon_A on Twitter

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Lancium, the Houston, Texas- based data center power management firm, has raised $150 million in financing led by clean energy provider Hanwha Solutions, according to a press release.

The company said Novawulf was among other strategic energy investors, while other existing, early stage investors such as SBI Holdings also participated in the financing.
“We have an ambitious growth strategy with over 2,000MW of capacity in development across our Clean Campuses, and significant capacity expected to come online in the year ahead,” said Michael McNamara, co-founder and CEO of Lancium.
Lancium said its “Clean Campus” data centers will host bitcoin mining, high throughput computing and other energy intensive applications, while providing power management services.
The company plans to build these data centers “at critical points on the transmission system that are often overwhelmed with renewable energy.”
Lancium’s “Smart Response” software allows these campuses to function as large power stations in reverse, absorbing renewable energy while providing grid ancillary services and helping manage the power flow more efficientlyhttps://lancium.com/press/flexible-data-center-whitepaper/.
BTIG and BitOoda acted as financial advisors to Lancium for the financing.
On Sept. 15, Lancium said it started building a 325-megawatt data center in Fort Stockton, Texas, for bitcoin mining, which will be fully functional by the fourth quarter of next year.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Follow @@Aoyon_A on Twitter

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Follow @@Aoyon_A on Twitter