Tech Firm Lancium Raises $150M to Advance Decarbonisation Solutions

Highlights :

  • Hanwha Solutions, a South Korean provider of clean energy solutions and owner and operator of Q CELLS, led 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.

Lancium Technologies Corporation, a technology firm focused on energy transition, has announced that it has closed $150 million in financing from leading energy companies and investors. Hanwha Solutions, a South Korean provider of clean energy solutions and owner and operator of Q CELLS, led this financing round.

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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,” said Michael McNamara, co-founder and CEO of Lancium.

“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,” said McNamara.

“Capitalizing on Lancium’s technological prowess, we will expand our clean energy business targeting those with intensive energy usage,” said Hanwha Solutions. “Providing renewable energy in an affordable and stable manner will help us achieve a carbon-free world.”

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.

As a firm, Lancium focuses on creating software, technical solutions and energy infrastructure that together are decarbonising the grid. The company aims to become a leader in green, low-cost infrastructure that will power the next generation of cryptocurrency mining and other distributed energy-intensive applications.

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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