Lancium Closes $150M In Financing To Advance Ambitious Growth Strategy
HOUSTON, Nov. 23, 2021 /PRNewswire/ — Lancium Technologies Corporation (“Lancium”), a technology company focused on the energy transition, today announced that it closed $150 million in financing from leading energy companies and investors. 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,” 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.”
“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.
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.
Lancium is a technology company creating software, technical solutions and energy infrastructure that together are decarbonizing the grid. Lancium strives to be the leader in green, low-cost infrastructure that will power the next generation of cryptocurrency mining and other distributed energy-intensive applications. Its solutions help ensure that renewable energy can power our future. Lancium has numerous issued and pending patents. For more information, visit www.lancium.com, and follow Lancium on Twitter and LinkedIn.
About Hanwha Solutions
Hanwha Solutions aims to deliver sustainable solutions for the planet through smart energy solutions and customer-focused materials. Its key areas of business include renewable energy, chemical, advanced materials, and high-tech city development. With innovative technology for sustainable growth, Hanwha Solutions strives to become a global leader in providing a better future for humanity. For more information, visit www.hanwhasolutions.com/en/.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute “forward-looking statements”. These forward-looking statements, including statements regarding Lancium’s growth plans, represent Lancium’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Lancium’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. In addition, Lancium’s aggressive growth strategy is subject to a variety of risks and uncertainties, including, but not limited to, regulatory risks that could adversely affect the value of Bitcoin, the cryptocurrency mining industry and the renewable power industry, construction risks and other risks relating to real estate acquisitions and development, the risk that future financing cannot be obtained, risks associated with increasing competition, and risks relating to Lancium’s intellectual property.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Lancium does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Lancium to predict all such factors.
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SOURCE Lancium LLC
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