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Compute North Raises $385M In Capital Growth Round

Started by Bitcoin, Feb 09, 2022, 02:34 pm

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Compute North Raises $385M In Capital Growth Round

The growth round comprises $85 million in a series C equity closing and $300 million in debt financing.

Computing infrastructure provider Compute North closed its next growth capital round of $385 million, comprising $85 million in a series C equity closing and $300 million in debt financing, the company said in a statement sent to Bitcoin Magazine.

Energy and commodity trading company Mercuria and leading sustainable infrastructure platform Generate Capital co-led Compute North's series C financing round. National Grid Partners, the venture investment and innovation arm of energy company National Grid, also participated in the round.

Financial services and investment management firm Galaxy Digital Partners LLC advised Compute North in its $300 million debt financing deal from Generate Capital, which seeks to empower the company to pursue new projects, including the continued development of new data centers and expanding capacity for further growth.

"Data centers are a growing part of energy demand and we're excited to invest with Compute North to build digital infrastructure that can operate sustainably and efficiently while complementing a more resilient grid," Andrew Marino, senior managing director and head of corporate private equity at Generate, said in a statement.

Compute North's data center design allows it to throttle power demand as needed so its facilities can provide better stability to local grids onboarding more renewable energy sources.

Compute North last year formed multiple partnerships with public bitcoin miners after it secured $25 million in debt financing and equity in February to accommodate growing demand for its data and colocation services. It helped Nasdaq-listed Bit Digital expand its operations in North America in April; formed an agreement with Marathon Digital Holdings to house 70,000 of the miner's machines in May, which was later expanded to accommodate 30,000 extra rigs, and in October teamed up with Atlas Mining.

Compute North said it keeps expanding its footprint in North America with the development of new facilities in Nebraska, North Carolina, and Texas as it works "to accelerate the energy transition and evolve the data center market."

Source: Compute North Raises $385M In Capital Growth Round