NEW YORK, July 26, 2018 /PRNewswire/ -- Lancium Technologies Corp, a distributed computing and data center technology company, today announced an equity investment and debt financing from SBI Holdings Inc. of Japan. Funds will be used to accelerate the development of Lancium's rampable data center solution. SBI also intends to expand its cryptocurrency mining footprint at Lancium data centers.
Lancium's unique data center directly utilizes intermittent energy generated from wind farms to enhance returns for wind asset owners and unlock access to the lowest cost power on earth. This unique "win-win" solution supports the development of new renewable energy resources, while providing an exceptionally cost effective and carbon negative power source for distributed, interruptible computing.
Michael McNamara, Lancium's co-founder and CEO, commented, "We are thrilled to welcome SBI as a major shareholder and customer. Our data centers will provide SBI with an exceptionally inexpensive and totally green solution that provides them the computing power they need. They share our desire to develop new markets for intermittent renewable resources, and provide sustainable, carbon-free energy solutions to our data center customers. We are excited about the opportunity to bring a new, high growth load to the renewable energy industry."
SBI Holdings CEO, Yoshitaka Kitao, added, "The Lancium solution is a strategic investment for the SBI Group and will enable us to expand our crypto-currency mining business built on low-cost green energy. This is a win for all stakeholders as well as for Mother Earth."
About Lancium Technologies Corp
Lancium is a new technology company using distributed parallel computing to enable the growth of renewable energy. Lancium builds and operates data centers that bring incremental demand directly to the power source. This computing provides a unique solution to over-generation problems caused by the intermittency of solar and wind power.
Lancium's proprietary solution connects directly to renewable installations and is designed to quickly adjust electricity consumption. Lancium's computing is carbon negative and incredibly cost effective.
The SBI Group was established in 1999 as a pioneer of Internet-based financial services in Japan. Since then, the SBI Group has formed the world's first Internet-based financial conglomerate, providing financial services in a broad range of fields including securities, banking and insurance. In addition, the SBI Group provides Asset Management Business, with a prime focus on investment in venture companies - an activity undertaken since before the Group's founding. In this sphere, the SBI Group has made focused investments in the IT and biotechnology sectors, which are the 21st century growth industries. Currently, the development of new technologies is accelerating within the FinTech, IoT, AI, Big Data and related fields, thus attracting global attention. The SBI Group is proactively investing in venture companies within these fields.
SOURCE Lancium Technologies Corp