Tech firm Lancium locks USD 150m for renewables-powered bitcoin mining

Software and energy infrastructure solutions provider Lancium Technologies Corp has secured USD 150 million (EUR 133m) to expand its renewable energy-run bitcoin mining business.

The Houston-based technology company said on Tuesday that it intends to launch over 2,000 MW of capacity across its multiple sites, to be called "Clean Campuses.” A significant portion of this capacity is expected to be switched on next year.

The fresh capital for Lancium was raised in a funding round led by South Korean clean energy solutions provider Hanwha Solutions Corporation (KRX:009830), the parent of solar panels maker Q Cells. Other companies such as SBI Holdings and strategic energy investors also took part in the financing initiative.

"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.

BTIG LLC and BitOoda acted as financial advisors to Lancium, while Goldberg Kohn provided legal counsel. Skadden, Arps, Slate, Meagher & Flom LLP represented Hanwha Solutions.

(USD 1.0 = EUR 0.887)

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