Lancium Technologies Corp., a technology company focused on the energy transition, has closed $150 million in financing from leading energy companies and investors on Nov. 24.
Hanwha Solutions, one of the world's prominent providers of clean energy solutions and owner and operator of Q CELLS, leads this financing round. Lancium also received support from Novawulf and other strategic energy investors, as well as participation from SBI Holdings and other existing, early-stage investors.
"This financing allows us to embark on the next high-growth phase of our business, and we are encouraged by the support of a broad range of investors from the energy and cryptocurrency sectors," Michael McNamara, co-founder and CEO of Lancium, said. "We have an ambitious growth strategy with over 2,000 MW of capacity in development across our Clean Campuses, and significant capacity expected to come online in the year ahead."
Lancium Clean Campuses are built at critical points on the transmission system that are often overwhelmed with renewable energy, and Lancium's Smart Response software enables Clean Campuses to function as Controllable Load Resources (CLRs) to the electrical grid. This helps the pace and scale of renewable energy growth and provides critical grid reliability products usually provided by fossil fuel plants, which collectively will help speed the energy transition. Clean Campuses will host Bitcoin mining, high throughput computing and other energy intensive applications.
"Capitalizing on Lancium's technological prowess, we will expand our clean energy business targeting those with intensive energy usage," Hanwha Solutions said. "Providing renewable energy in an affordable and stable manner will help us achieve a carbon-free world."
BTIG, LLC and BitOoda acted as financial advisors to Lancium, with Goldberg Kohn acting as Lancium's counsel, and Skadden, Arps, Slate, Meagher & Flom LLP represented Hanwha Solutions.
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