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.
Nov 24, 2021 at 4:08 p.m. UTCUpdated May 11, 2023 at 7:02 p.m. UTC
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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.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets