A Texas-based energy technology startup has secured $150 million to build Bitcoin mining farms that use sustainable energy. Lancium’s expansion strategy includes the creation of 2,000 megawatts of capacity throughout its Clean Campuses, which are located in places where renewable energy is abundant.
The software developed by the business enables the campuses to function as Controllable Load Resources to the electricity grid, so replacing the dependability products often given by fossil fuel facilities.
“This funding enables us to enter the next high-growth phase of our business, and we are encouraged by the backing of a diverse group of investors from the energy and cryptocurrency industries,” said Michael McNamara, co-founder and CEO of Lancium.
The fundraising round was headed by Hanwha Solutions, the owner and operator of solar producer Q CELLS.
A recent study funded by Lancium and done by energy research firm IdeaSmiths examined the impact of massive, flexible data center operations on the Texas power system.
According to the report, adding data center demand to the grid encourages greater wind and Solar energy installations. Meanwhile, according to modeling data, the construction of flexible load data centers resulted in less natural Gas additions.
“Operating the data centers in a flexible way can result in a net decrease in carbon emissions compared to the basic scenario,” the scientists concluded. “Aside from the potential reductions in carbon emissions, our research discovered that the increased flexibility of data centers can boost grid resiliency by lowering demand during high-stress times (low reserves) on the system.”
Lancium commenced work on its first Clean Campus in September, a 325 MW bitcoin mining data center near Fort Stockton, Texas, with a full-scale operation target of Q4 2022.