Conglomerate Hanwha Group led a $150m funding round for US-based renewable energy software developer Lancium on Tuesday through chemical production subsidiary Hanwha Solutions.
Financial services firm SBI and Novawulf filled out the participants in the round together with undisclosed existing investors.
Founded in 2017, Lancium provides software that regulates the flow of intermittent renewable energy into and around the power grid. It is also building data centres facilities, called Clean Campuses, which will function in part to mine Bitcoin using renewable energy.
The company had previously received an undisclosed amount of equity and debt financing from SBI in July 2018. Its technology will be utilised by Hanwha Solutions to expand its clean energy activities.
Michael McNamara, Lancium’s co-founder and chief executive, said: “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
“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.”
