Hanwha Solutions announced on November 24 that it had signed a contract to invest US $ 100 million in Lancium Technologies in Houston, Texas. Thanks to this investment, Hanwha Solutions will obtain a seat on the board of directors of the American startup, which specializes in data center power management.
Lancium Technologies is an energy management company founded by Michael McNamara, a US venture capitalist, in 2017. It has attracted a total of US $ 150 million from Hanwha Solutions and others this time around. She will use the funds to develop her business.
Lancium Technologies plans to set up data centers in Abilene, northwest Texas, and provide electricity produced from renewable energy at optimal prices. Its main customers are IT companies that operate high-performance IT equipment that consumes a lot of energy.
Lancium Technologies plans to obtain cheap electricity from renewable power generation operators in Texas and supply it stably using its own power management software, “Lancium Smart Response “.
To this end, Lancium Technologies will purchase a total of 9.51 million square meters of land across Texas and operate data centers from the end of next year. Companies that locate in data centers built by Lancium Technologies can increase their profitability by reducing the operation of IT equipment during high-throughput time zones and selling the remaining power to local power grids.
In 2020 Lancium Technologies gained the ability to develop big data and artificial intelligence based energy management software by acquiring Growing Energy Labs Inc. (GELI), a software company in the United States.