Hanwha Solutions unveils $100 mil investment in Lancium Technologies
- Hanwha Solutions makes equity investment in Texas-based startup providing renewable-based electricity for high performance computing equipment
- Capitalizing on Lancium’s technology prowess, Hanwha Solutions aims to accelerate its foray into renewable-based electricity management for data centers
Seoul, Nov 24 -Hanwha Solutions (or “the Company”) announced that it invested $100 million in Lancium Technologies (or “Lancium”), a Texas-based technology startup providing renewable-based electricity management service for energy-heavy devices.
Capitalizing on its proprietary software technology for flexible energy demand response solutions, the Company will accelerate its transition into total energy solution provider by incorporating data-center technology into renewable energy applications.
Established by Michael McNamara in 2017, Lancium boasts technological prowess for decarbonizing electric grids with clean energy solutions. It has secured 150 million through funding from investing firms focusing on energy sectors.
“With renewable energy market expanding globally, enhancing software capability for electricity management has become crucial than ever before,” Hanwha Solutions CEO Lee Koo-yung said.
“Based on decades-old industrial expertise in the photovoltaic business around the world, we aim to expand our clean energy business into software-based electricity management for data centers.”
The investment allows the Company to secure a seat at Lancium’s board of directors, paving the way for close cooperation on future businesses.
To provide green energy in an affordable and stable manner, Lancium has been constructing a “Clean Campus” at Abilene, Texas. Its clients mainly include companies running equipment with heavy electricity consumption such as data centers using high-performance computing devices.
For this, Lancium secures cheap energy from independent power producers in Texas, while using its advanced power management software - Lancium Smart Response. It can adjust their power consumption to the condition of the power grid.
Having purchased 2,350 acres of land in Texas, Lancium will complete the campus construction next year and expand the number of tenants. They can increase their profits by switching off load-heavy equipment when the electricity price is high – and selling redundant power to the grid.
Leveraging Lancium’s technological prowess, Hanwha Solutions aims to expand its renewable business horizon. With digital transformation spurring demand for data centers, the Company is seeking to provide them with clean energy in a way that can stabilize the grid.
The Company’s ongoing efforts to apply high-tech software to the renewable energy business will also gain a boost. Last year, it acquired US software company Growing Energy Labs or Geli, which uses artificial intelligence and big-data analysis to provide smart energy solutions.