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Compute North Closes $385 Million in Strategic Funding for TIER 0™ Computing Infrastructure
Round Led by Mercuria and Generate Capital Supports Massive Initiative to Make Distributed Computing More Sustainable
EDEN PRAIRIE, Minn., February 9, 2022-- Compute North, the leader in sustainable, large-scale computing infrastructure, today announced that it has closed its next growth capital round of $385 million, comprised of $85 million in the initial Series C equity closing, co-led by Mercuria and Generate Capital with additional investors including National Grid Partners, and $300 million in debt financing from Generate to fund new projects. Galaxy Digital, a technology-driven financial services and investment management firm spanning the digital assets ecosystem, advised the company on the equity financing. This investment continues to cement Compute North as the premier leader in TIER 0™ computing infrastructure and will support the continued development of new U.S.-based data centers, expanding capacity and enabling further growth. This round expanded the ecosystem of strategic investors to include stakeholders aligned around the company's strategic vision in energy transition, sustainability, and innovation.
Compute North is meeting the growing demand for scalable, cost-effective digital infrastructure solutions for highly specialized computing needs. The company is redefining how services are delivered with a consistent yet interruptible load profile, creating a unique and important relationship with power providers to support the development of an intelligent grid that relieves congestion, promotes renewables, and strengthens the stability of local power markets by expanding demand response capabilities.
"We are thrilled to partner with Compute North as they execute their market leading strategy of providing high-quality, low-cost hosting services while simultaneously focusing on decarbonizing the electric supply," said Timothy Hood, head of Mercuria's renewable energy trading. "Combining intermittent resources with the flexibility of TIER 0™ hosting allows Compute North to deliver highly competitive solutions for its increasingly diverse customer base."
"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," said Andrew Marino, senior managing director and head of corporate private equity at Generate. "The Compute North team is at the leading edge of sustainable innovation in flexible data centers and we're excited to be partnering with them on projects that use less energy, create economic benefits and work in tandem with renewables."
Compute North is rapidly expanding its footprint with the development of numerous new facilities in the United States including Nebraska, North Carolina and Texas. By focusing on their mission, the company is working to accelerate the energy transition and evolve the data center market to create an efficient platform for computing needs. Highlights include:
• Promoting sustainable power and renewable growth - Compute North is partnering with the world's most recognized energy companies to leverage wind, solar, and carbon-free assets for its facilities.
• Energy efficiency at the heart of company operations - Compute North develops and operates data centers with the highest energy efficiency standards. With an average PUE of 1.04, the TIER 0™ facilities are approximately 41% more efficient than a typical tier 3 data center.
• Smart and sustainable data centers - Compute North data centers follow a sustainable life-cycle approach that integrates energy efficiency, clean energy mix and opportunities for on-site renewable consumption.
• Water Positive - Using a modular data center approach facilities have a limited footprint, enabling a water to permeate the ground between each container and with an air-cooled design operate with zero water consumption.
Brian A. Falik, Chief Investment Officer of Mercuria, commented, "We are extremely honored to support Compute North in their extensive build-out of digital infrastructure solutions, and to lead this important equity capital raise. The inherent understanding of how to work collaboratively with power providers in support of developing an intelligent grid, while still providing cost effective solutions to distributed hosting of computing applications is Compute North's differentiator for success and will make them a market leader in the transitioning global economy."
"Compute North is well-positioned to collaborate alongside some of the leading energy companies in the world and develop new solutions to meet the unprecedented demand for computing infrastructure with a focus on sustainability," said Dave Perrill, CEO of Compute North. "We want to be on the forefront of leading this transition, fast-tracking development of new data center sites to provide capacity. This new round of funding will enable us to execute on that plan and innovate through 2022 and beyond."
About Compute North
Compute North is the leader in TIER 0™ data centers, focused on delivering the most sustainable, cost-effective computing in the world. The company provides efficient, highly scalable infrastructure for clients in the blockchain, cryptocurrency mining and the distributed computing space. With operations across the United States, Compute North brings a unique combination of data center, energy, and technology expertise to meet the growing demand for purpose-built infrastructure solutions for highly specialized computing needs. For additional information, please visit www.computenorth.com.
Founded in 2004, Mercuria is one of the largest independent energy and commodity groups in the world. As an integrated group, Mercuria is present all along the commodity value chain with activities forming a balanced combination of trading flows, strategic assets and structuring solutions. With more than USD 100 billion in turnover, Mercuria has become one of the most active players in the energy and renewables markets. Over the next four years, the company will direct half of its investment towards the energy transition. For more information, visit www.mercuria.com.
Generate Capital, PBC is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste, transportation and digital infrastructure. Founded in 2014, Generate partners with over 40 technology and project developers and owns and operates more than 2,000 assets globally. Generate is a one-stop shop offering pioneers of the infrastructure revolution tailored funding and the support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to thousands of customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.
About National Grid Partners
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc., one of the largest investor-owned energy companies in the world. NGP invests for strategic and financial impact and leads companywide disruptive innovation efforts. The organization provides a multi-functional approach to building startups, including innovation (new business creation), incubation, corporate venture capital, business development and venture acceleration. NGP is headquartered in Silicon Valley and has offices in Boston, London, and New York. Visit ngpartners.com or follow us at www.twitter.com/@ngpartners_ and www.linkedin.com/showcase/national-grid-partners.